Nigeria’s crude oil production is gradually climbing towards 1.83 million barrels per day (mbpd), aided by the federal government’s “One Million Barrels Initiative” launched in 2024.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, revealed that current unreconciled daily output ranges between 1.7 mbpd and 1.83 mbpd, a notable increase from the 1.46 mbpd level before the scheme began.
Speaking at the Nigerian Association of Petroleum Explorationists’ (NAPE) 50th-anniversary conference in Lagos, Komolafe said the goal is to reach 2.5 mbpd by 2026.
The initiative targets the revival of idle oil fields, faster regulatory approvals, and improved operational efficiency.
“Equally crucial is the protection and optimisation of national hydrocarbon assets. The approval of 37 new evacuation routes, coupled with intensified collaboration with national security agencies, has significantly curtailed crude theft and enhanced accountability across the industry,” he added.
Enforcing the Domestic Crude Supply Obligation (DCSO), he said, is also helping ensure steady feedstock for local refineries, strengthening internal fuel supply chains, and supporting economic resilience.
Oil remains vital to Nigeria’s economy, contributing nearly 90 per cent of foreign exchange earnings and around 70 per cent of government revenues.
OPEC’s latest data show that Nigeria’s average daily output hit 1.50 mbpd in July, surpassing the group’s quota and marking a steady recovery after years of production shortfalls.
