Nigeria’s oil production has surged from 1 million barrels per day (mbpd) to 1.8mbpd, including condensates, following decisive policy actions and increased investment in the energy sector.
This was revealed by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, during the Inter-Ministerial/Energy Leadership Roundtable at the Nigeria International Energy Summit (NIES) 2025.
Speaking on the subtheme “Catalyzing Global Investment: Policy Pathways to Unlock Africa’s Energy Potential,” Lokpobiri emphasized that the Presidential directive to ramp up production sustainably has been a key focus of the administration. He credited President Bola Ahmed Tinubu’s leadership for swiftly addressing longstanding investment bottlenecks that had hampered sectoral growth.
“From the issuance of targeted Executive Orders to the full implementation of the Petroleum Industry Act (PIA) and the deregulation of the downstream sector, we have created an investment-friendly environment that continues to attract global and local capital,” Lokpobiri stated.
He further highlighted the role of the newly established Africa Energy Bank in unlocking financial opportunities for indigenous investors. By providing competitive access to capital, the bank has empowered local players to compete with International Oil Companies (IOCs) across all industry streams.
With sustained momentum, the Minister projected long-term growth and resilience in Africa’s energy sector, positioning the continent as a key player in the global energy landscape.
NIES 2025 continues to serve as a critical platform for high-level deliberations on policy frameworks, investment opportunities, and strategies for unlocking Africa’s vast energy potential.