NNPC Unlocks $24 Billion for 3 Million BPD Oil Target

The Nigerian National Petroleum Company (NNPC) Ltd, represented by Group Chief Executive Officer Bayo Ojulari, announced that recent reforms have unlocked $24 billion in investments to support Nigeria's goal of achieving a production target of three million barrels per day (bpd). This disclosure was made during the 2026 Oloibiri Lecture on Energy Forum held in Abuja.

Ojulari highlighted that an additional $10 billion is expected from ongoing projects, significantly boosting investor confidence in the Nigerian oil and gas sector. He emphasized the importance of digital transformation and artificial intelligence in enhancing operational efficiency and resolving long-standing issues, including legacy asset disputes.

Ojulari outlined a three-pronged strategy to achieve the production target, which includes protecting existing assets, accelerating near-term production growth, and restructuring the company's portfolio to attract new investors. He stressed that without embracing digital transformation, Nigeria's oil sector risks becoming uncompetitive.