Nigeria’s Oil Senator Records Output Boost As Government Pushes for Accountability, Investment Growth
The Federal Government has reaffirmed its commitment to strengthening institutional performance, accountability, and investment-driven growth in Nigeria’s petroleum sector, even as the industry records notable gains in production and investor confidence.
The Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this known in Abuja during the Ministry of Petroleum Resources Management Retreat themed “Driving Institutional Performance and Accountability in the Nigerian Petroleum Sector for Sustainable National Development.”
Lokpobiri disclosed that Nigeria’s crude oil production has risen significantly from about one million barrels per day to approximately 1.8 million barrels per day. He also revealed that active drilling rigs in the country have increased from fewer than 10 to over 60, describing the development as a strong signal of renewed investor confidence in the sector.
According to him, the improvement is driven by reforms aimed at ensuring policy stability, regulatory clarity, and a more competitive investment environment for oil and gas operators.
The Minister further stated that Nigeria’s foreign reserves have now exceeded $50 billion, the highest level recorded in 17 years, while reforms in the downstream sector have eliminated the fuel scarcity and queues previously experienced across the country.
Despite the progress, Lokpobiri urged stakeholders to sustain the momentum by targeting crude oil production above 2.5 million barrels per day and expanding gas output to fully harness Nigeria’s energy potential.
He also called for intensified exploration activities in frontier and inland basins, including the Anambra, Benue, Chad, and Dahomey Basins, noting that such efforts are critical to increasing reserves and securing the long-term future of the industry.
The Minister observed that global energy discussions are gradually shifting from a narrow “energy transition” narrative to a broader “energy mix” approach, stressing the need for policies that balance energy security, investment attraction, and sustainable growth.
In her remarks, the Permanent Secretary of the Ministry, Mrs. Patience Oyekunle, described the retreat as a vital platform for knowledge sharing and strategic engagement, while the Director of Planning, Research and Statistics, Mrs. Kemi Ahmed Yusuf, said it was convened to strengthen institutional capacity and performance delivery.
The two-day retreat brought together senior officials of the Ministry, heads of agencies, and stakeholders to review progress and develop strategies aimed at sustaining growth, improving accountability, and enhancing performance in the petroleum sector.
Nigeria’s Oil Senator Records Output Boost As Government Pushes for Accountability, Investment Growth