Bola Tinubu Sets Ambitious 3 Million bpd Oil Production Target by 2030 at Nigeria's Energy Summit

At the 9th Nigeria International Energy Summit in Abuja, Bola Tinubu, alongside other officials like Heineken Lokpobiri and Ekperikp Ekpo, reiterated the goal of achieving 3 million barrels per day of crude oil production by 2030. Tinubu highlighted the government's efforts to implement reforms aimed at boosting investor confidence in the oil and gas sector.

He emphasized the importance of transparency, competitiveness, and regulatory clarity to attract investments. The summit showcased progress in the gas sector, with Nigeria's domestic gas supply exceeding 2 billion cubic feet per day for the first time.

Additionally, initiatives like the Dangote Petroleum Refinery and major projects by companies like Shell and TotalEnergies were mentioned as key contributors to the sector's growth. Minister Lokpobiri noted the positive impact of removing fuel subsidies and stabilizing product availability to encourage private investment in refineries and downstream infrastructure.