Nigeria has raised daily crude oil production to between 1.7 million and 1.83 million barrels and increased active drilling rigs from 31 in January to 50 by July, as reforms introduced under President Bola Tinubu attract new investment into the petroleum sector, Reuters reported.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced the figures in a keynote speech at Africa Energy Week in Cape Town, delivered on behalf of the president. He said the “Project One Million Barrels” initiative, launched in October 2024, was driving the recovery of the upstream sector.
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Lokpobiri described Nigeria as “open for business,” highlighting the Petroleum Industry Act as a cornerstone reform that has established a transparent and predictable framework for investors. “What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” he said.
According to the minister, recent asset divestments by international oil companies have already led to more than 5.5 billion dollars in final investment decisions, adding around 200,000 barrels per day to the country’s production. “These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” Lokpobiri added.
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Image Credit: Reuters
