The Minister of State for Petroleum Resources, Heineken Lokpobiri, said Nigeria's target for crude oil production is still 2.5 million barrels per day (mbpd).
He made this statement on Wednesday in Abuja during the 2026 Management Retreat of the Ministry of Petroleum Resources.
The theme of the retreat is “Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development.”
Mr Lokpobiri emphasized that keeping investments and boosting exploration activities are vital to reach this target and increase the country’s oil reserves.
He tasked the retreat participants to create a clear plan to raise production, expand reserves, and improve the sector’s role in national economic growth.
“Thank you for your initiative of putting this together. But I don’t want it to be just a talk show.
“At the end of the day, I want to see on my table a clear framework on how we can build on what we have achieved. I want to see how we can do 2.5mbpd.
“I know we are on our way there. But oil and gas can only be produced on an incremental basis when you also sustain investments,” he stated.
Mr Lokpobiri noted that Nigeria is in a good position in the global energy market and can take advantage of changing energy market conditions to attract more investments and increase revenue.
He said the President Bola Tinubu administration has made notable progress in the sector over the last three years. Crude oil production has increased from about 1mbpd to 1.8mbpd, while the number of active drilling rigs has jumped from under 10 to over 60.
The minister mentioned that the federal government’s reforms have also restored investor confidence, making Nigeria one of the top destinations for oil and gas investments worldwide.
Mr Lokpobiri pointed out that Nigeria has only tapped a small portion of its hydrocarbon resources, despite having around 37 billion barrels of crude oil reserves and large gas deposits.
“We have not explored up to 25 per cent of our potential. We need a clear framework to expand exploration activities and build on our reserves,” he said.
He added that Nigeria is seeing increased interest from investors in Asia, Europe, and North America due to its strategic role in the global energy market.
Mr Lokpobiri also mentioned that the global conversation about energy is shifting from energy transition to energy security and energy mix. He believes oil and gas will still be the main sources of energy for a long time.
“As a leading member of the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria must create policies that will boost growth in the oil and gas sector and strengthen its role in the global energy market,” he concluded.
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