Nigeria is set to ramp up crude oil production to 3 million barrels per day by 2030, according to the country’s upstream regulator, which says reforms aimed at accelerating investment and reducing project delays are beginning to reverse years of declining output.
The target would nearly double the country’s current crude production and mark the highest level in Nigeria’s history.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the government’s objective remains achievable as faster permitting, quicker crude sales approvals and other regulatory reforms improve conditions for upstream investment.
“The national target is to get to 3 million barrels by 2030–I believe we are able to get there,” NUPRC Chief Executive Oritsemeyiwa Eyesan said.
Authorities have also introduced tax incentives and other measures under President Bola Tinubu aimed at attracting new capital into the sector.
The optimistic outlook follows a steady recovery in Nigerian production. Average crude output reached 1.56 million barrels per day in June, the highest monthly level since April 2020, while combined crude oil and condensate production climbed to 1.735 million bpd.
Nigeria has now exceeded its OPEC+ crude production quota for two consecutive months as improved security, fewer pipeline disruptions and stronger operational performance supported higher output.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
