.As Nigeria targets 3 million barrels oil production per day by 2030
.Approves 28 new oil fields worth $18.2bn in 2025
UGO AMADI And FAVOUR ISHEMBER, Abuja
President Bola Ahmed Tinubu has emphasized the critical role of energy in Nigeria’s stability and prosperity, reaffirming Nigeria’s commitment to energy sustainability, transparency, and shared prosperity.
He also stressed Nigeria’s readiness to collaborate with African nations, global partners and the private sector to deliver cleaner, affordable, inclusive, and more secure energy
Speaking at the 9th Nigerian International Energy Summit (NIES) in Abuja, the President highlighted his administration’s efforts to transform the energy sector, citing improvements in regulatory frameworks, investment, and production.
Specifically, the President said the Petroleum Industry Act Implementation, sustained and deepened, ensuring clarity, transparency, and competitiveness.
Licensing Rounds introduced digital, transparent, and competitive bidding processes.
According to him, the Upstream Activity recorded historic rebound, with 69 weeks of activity by late 2025. And the Investment decisions, exceeded US$8 billion, including major offshore gas developments and Crude Oil Production Improved to approximately 1.6 million barrels per day.
Explaining further, President Tinubu Said while Gas Sector intensified investments, exceeding 2 billion cubic feet per day domestic supply with refining Capacity enhanced with Dangote Petroleum Refinery and
Represented by the Vice President, Kasim Shettima, President Tinubu said his administration aims to reach 2.5 million barrels per day by 2027 and 3 million barrels per day by 2030.
“Through targeted initiatives such as Project 1 Million Barrels Per Day, we are working systematically towards 2.5 million barrels per day by 2027. Our long-term national ambition remains clear, 3 million barrels per day of liquid hydrocarbons and 12 million cubic feet per day of gas by 2030. Your Excellencies, Distinguished Ladies and Gentlemen, Recognizing gas as Nigeria’s strategic transition point, this administration intensified investments across the gas value chain.”
“Domestic gas supply exceeded 2 billion cubic feet per day for the first time, strengthening power generation, industrial utilization, and energy access. Export volumes increased alongside sustained expansion of gas processing and transportation infrastructure, reinforcing Nigeria’s role in regional and global gas markets. Nigeria’s refining landscape entered a new era with the commencement of coal operations and the Dangote Petroleum Refinery, significantly enhancing domestic supply of refined petroleum products”.
“Modular and indigenous refineries advanced under supportive regulatory frameworks, diversifying national refining capacity. Rehabilitation of state-owned refineries also gained renewed momentum, with operational stability and efficiency remaining a primary focus”.
He added that the Nigerian Offshore Petroleum Regulatory Commission recorded strong and consistent revenue performance, surpassing annual targets and reimposing fiscal sustainability
“Beyond the welfare of our people, energy is the courtroom of stability. And the price of relegating it is one we simply cannot afford. That is why we must always be prepared to expand, reinvent, and improve how we meet our energy needs.”
“Energy remains central to peace, prosperity, and global stability. I also recognize the strategic partners of the Nigeria International Energy Summit, including international oil companies, national oil companies, global service providers, financial institutions, and multilateral development partners who sustain engagement and self-position in NIES as a premier platform for energy dialogue and investment in Africa”
“When this administration assumed the mantle of leadership in May 2023, we inherited an energy sector rich in potential, yet constrained by inefficiencies, uncertainty, and prolonged underinvestment. We set to work without panicking, guided by the clear understanding that energy cannot be treated simply as an economic commodity if stability is our goal. Energy is a catalyst for national security, industrial growth, social inclusion, and regional cooperation.
“We are therefore committed to building an energy system that delivers reliability, transparency, sustainability, and shared prosperity. Your Excellencies, distinguished ladies and gentlemen, permit me to outline in a structured manner the key developments that have shaped Nigeria’s oil and gas sector over the past two and a half years. This administration sustained and deepened the full implementation of the Petroleum Industry Act.
“We consolidated its role as a live wire of sector reform and strengthened regulatory institutions to ensure clarity of goals, transparency, and investor competitiveness. Nigeria introduced fully digital, transparent, and competitive licensing rounds to the upstream sector, widely regarded as among the most credible bidding processes in our history”.
” In furtherance of this objective, we approved the commencement of the 2025 licensing round, creating new investment windows and enabling additional crude oil and gas production capacity, the President said.
“Under our watch, Nigeria’s upstream activity recorded a historic rebound, recounts growth from eight weeks in 2021 to 69 weeks by late 2025, reflecting renewed exploration and building momentum.
“The sector secured final investment decisions exceeding US$8 billion, including major offshore gas developments involving global energy companies. Pouring direct investment into the oil and gas sector rebounded strongly, driven by regulatory certainty, fiscal reforms, and improved operational guidelines and conditions”
“We also introduced a broad executive order on oil and gas investment enabling to unlock up to US$10 billion in capital inflows, streamline project approvals, reduce bureaucratic delays, and position Nigeria as a prepared investment destination.”
“In 2025, we introduced the Upstream Petroleum Operations Cost Efficiency Incentives Order, providing tax credits of up to 20% to promote cost efficiency, enhanced competitiveness, and deepened Nigerian participation. As a direct result of the reforms we introduced, Nigeria’s average crude oil production improved to approximately 1.6 million barrels per day.
Tinubu reaffirmed Nigeria’s commitment to energy sustainability, transparency, and shared prosperity, saying that the administration aims to reach 2.5 million barrels per day by 2027 and 3 million barrels per day by 2030.
“Through targeted initiatives such as Project 1 Million Barrels Per Day, we are working systematically towards 2.5 million barrels per day by 2027. Our long-term national ambition remains clear, 3 million barrels per day of liquid hydrocarbons and 12 million cubic feet per day of gas by 2030. Your Excellencies, Distinguished Ladies and Gentlemen, Recognizing gas as Nigeria’s strategic transition point, this administration intensified investments across the gas value chain.
Earlier in his Ministerial remarks ,the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said Petroleum sector under President Bola Ahmed Tinubu’s administration marked a decisive break from years of declining production, stalled investments, and capital flight.
“This gathering is more than a conference; it is a call to action to end energy poverty and create an environment where business thrives in Africa,” the minister said.
The Minister reiterated that Nigeria has repositioned its petroleum sector as a globally competitive and investment-ready destination following far-reaching reforms that have revived production, restored investor confidence, and unlocked billions of dollars in new investments.
He noted that while Nigeria’s vast hydrocarbon endowment has always been acknowledged, recent progress was driven by deliberate legal, regulatory, and fiscal reforms aimed at providing clarity, predictability, and efficiency for investors.
According to him, the full implementation of the Petroleum Industry Act (PIA) has provided a stable fiscal framework, improved licensing processes, strengthened regulation, protected host communities, and ensured predictable contractual terms. He added that the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further enhanced competitiveness by reducing production costs through targeted tax credits.
Lokpobiri highlighted the success of Project One Million Barrels, launched in October 2024, which has increased national crude oil production to between 1.7 and 1.83 million barrels per day, representing an incremental rise of about 300,000 barrels per day within a year.
He also disclosed that the number of active drilling rigs had risen sharply from 14 in 2023 to over 60, signaling renewed industry activity; adding that international investor confidence had returned, citing major Final Investment Decisions (FIDs) including Shell’s $5 billion Bonga North project, TotalEnergies’ $550 million Ubeta project, Shell’s $2 billion HI project, and Chevron’s $1.8 billion investment in the Panther project.
He further revealed that Shell had announced plans for a $20 billion FID, with additional projects expected in the near term.
In 2025 alone, he said, 28 Field Development Plans valued at $18.2 billion were approved, with an estimated reserve potential of 1.4 billion barrels. Between 2024 and 2025, Nigeria accounted for four of the seven major FIDs announced across Africa, reinforcing its position as the continent’s leading investment destination in the oil and gas sector.
Lokpobiri also mentioned the successful divestment of onshore and shallow-water assets from international oil companies to capable indigenous operators, including transactions involving Shell, ExxonMobil, Eni, Seplat, Oando, and Renaissance; these asset transfers, he said, had added about 200,000 barrels per day to national output and deepened local participation.
Speaking on the downstream segment, the minister hinted that the removal of fuel subsidies by the Federal Government had stabilized the market and improved product availability, while commending indigenous investors such as Dangote and BUA for expanding refining and midstream infrastructure.
He revealed that licensing processes in the sector had been liberalized to ensure transparency and fairness, while Nigeria’s newly launched West African Reference Market was designed to position the country as the refining hub for the Gulf of Guinea and the wider African region.
Speaking on the continental outlook, Lokpobiri said Africa spends over $120 billion annually on hydrocarbon imports, describing the figure as a significant drain on the continent’s economy.
He called for greater support for the African Energy Bank (AEB), headquartered in Nigeria, to mobilize capital for Africa-focused energy development; while
stressing that Africa’s energy strategy must prioritize availability, accessibility, and affordability.
The Minister noted that global energy outlooks from the International Energy Agency (IEA) and OPEC confirm that fossil fuels will remain dominant in the foreseeable future.
“The story of Nigeria’s petroleum sector is being rewritten,” Lokpobiri said, urging global investors to partner with Nigeria not just as financiers, but as long-term collaborators in driving Africa’s energy-led growth.
The minister said international investor confidence had returned, citing major FIDs including Shell’s five billion dollars Bonga North project, TotalEnergies’ 550 million dollars Ubeta project, Shell’s two billion dollars HI project, and Chevron’s 1.8 billion dollars investment in the Panther project.
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