At the Nigeria Petroleum Industry Leadership Discourse in Abuja on Thursday night, Minister of State for Petroleum, Heineken LokpobIri, affirmed that Nigeria’s goal of producing 2.06 million barrels per day (bpd) of crude oil in 2025 is within reach.
He noted that while the country currently produces 1.5 million bpd, incremental increases have already pushed production to about 1.75 million bpd. “It is true that the 2025 budget is predicated on 2.06 million barrels a day, and I want to assure Nigerians that this is doable. Nigeria has been doing 1.5 million barrels of production per day,” LokpobIri said, adding that the industry has managed to achieve an additional 250,000 barrels incrementally.
LokpobIri stressed that the sector, long starved of investment, is now experiencing a positive turnaround. “We have changed the perception about Nigeria. So, investments are coming in. We want to improve the security situation in the Niger Delta. And I want to use the opportunity to thank our military. Nigerian military, the paramilitary, and civilian contractors—the combined effort of these stakeholders has led to fewer infractions in our pipelines, fewer thefts, and less pipeline vandalisation,” he explained.
He further highlighted that the federal government has undertaken significant reforms in the oil and gas sector. “We have taken care of the issue of bureaucracy. Before now, you must know the minister or somebody who knows the minister before your documents are signed. Right now, you do not need to know me before your documents are signed. Once I get the recommendation from NUPRC, statutorily, no documents stay on my table for more than 24 hours,” he stated. He also emphasized the deployment of technology to reduce inefficiencies and corruption, noting that previous manual processes have been replaced with systems that monitor operations and payments in real time.
Tony Elumelu, Chairman of Heirs Energies Limited, also praised the industry’s recent turnaround, noting that Nigeria’s increase in crude oil production to 1.7 million bpd in January is evidence of growth. He highlighted that after major divestments, indigenous companies now operate over 50 percent of Nigeria’s oil production. “For a lot of people, there is trepidation that we can deliver. There is also optimism that we can deliver. Heirs Energies has been one of those companies that has stood strongly for growth, as demonstrated by the growth we have achieved in our company by doubling production since inception,” he said.
Elumelu added that the leadership forum was convened to chart a path forward for both the industry and the nation, stressing that indigenous companies must seize the challenge and deliver for the Nigerian people.
Additional insights were provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which reported that Nigeria’s oil production, including condensate, rose by 4 percent month-on-month to 1.737 million bpd in January 2025, compared to 1.667 million bpd in December 2024. On a year-on-year basis, output increased by 5.7 percent, reaching 1.737 million bpd compared to 1.643 million bpd in January 2024. NUPRC further noted that the lowest and peak production in January were 1.66 million bpd and 1.79 million bpd, respectively, with average production standing at 103 percent of the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd, indicating that Nigeria successfully met its production target.
Together, these developments highlight a period of significant progress and transformation in Nigeria’s oil industry, driven by strategic reforms, technological advancements, and a renewed commitment to unlocking the country’s full production potential.
