Nigeria's Oil Output Rises 80% Under Tinubu's Leadership

At the Ministry of Petroleum Resources' retreat, Heineken Lokpobiri stated that Nigeria's crude oil and condensate production has risen by 80% since President Bola Tinubu assumed office in May 2023, reaching 1.8 million barrels per day from a baseline of 1 million barrels per day three years ago. Lokpobiri emphasized the need for a clear framework to expand Nigeria's hydrocarbon reserves through aggressive exploration and data-driven investment strategies.

He acknowledged that the sector has not yet reached its target of 2.5 million barrels per day. Currently, Nigeria holds 37 billion barrels of crude oil reserves and 209 trillion cubic feet of gas.

Lokpobiri lamented the failure of past administrations to conduct comprehensive seismic studies to discover new oil and gas deposits. He noted that Tinubu's administration is committed to reversing a 30-year trend of inadequate seismic exploration.

The retreat aimed to strengthen performance management and enhance accountability across the ministry and its agencies.