The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has called on the Nigerian National Petroleum Company Limited (NNPCL) to boost oil production significantly by the end of the year.
This was made known during an interview with the News Agency of Nigeria (NAN) at the Africa Energy Forum (AEF) in Houston, Texas, U.S. on Wednesday.
Lokpobiri revealed that he had increased Nigeria’s oil production target from President Bola Tinubu’s initial goal of 2 million barrels per day (bpd) to 2.5 million bpd.
“The Federal Government on Wednesday directed the management of the Nigerian National Petroleum Company Ltd. (NNPCL) to increase oil production beyond current levels by the end of the year.
“Mr Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), said this in an interview with the News Agency of Nigeria (NAN) at the Africa Energy Forum (AEF) in Houston, Texas, U.S.
“Lokpobiri emphasized the need for accelerated growth in the nation’s oil output,” the source read in part.
The Minister disclosed that although President Bola Tinubu had initially tasked the NNPCL with ramping up production to 2 million barrels per day (bpd), but later increased the target to 2.5 million bpd.
He stressed that the new target is achievable, noting that Nigeria had previously reached that level during the COVID-19 pandemic, despite low investment.
Lokpobiri explained that the “Drill or Drop” policy under the Petroleum Industry Act (PIA) requires new drilling to replenish reserves for every oil extraction, using underground surveys.
He urged global investors to take advantage of Nigeria’s improved regulatory environment and competitive fiscal terms, describing the country as a top destination for energy investment.
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Also at the forum, Mrs. Jumoke Oyedun, Managing Director of ACME Multech Services Nigeria, noted that the 2025 Africa Energy Forum is a key platform for assessing opportunities and challenges in Africa’s oil and gas sector.
- She emphasized the importance of attracting investment across both traditional and renewable energy sources.
- Oyedun said the forum would examine how Africa can balance the energy transition with the use of its oil, gas, and green minerals to support sustainable growth.
- She further noted that expected shifts in U.S. energy policy could impact investments, urging African leaders to plan.
The Director stated that Africa is at a turning point and smart investments, the continent can meet global energy demands while ensuring local communities benefit from its natural resources.
The Africa Energy Forum brought together officials from petroleum ministries of Nigeria, Togo, Senegal, Algeria, Ghana, Liberia, and The Gambia to discuss the continent’s energy future.
