The Federal Government has revealed an ambitious plan to increase Nigeria’s crude oil production by one million barrels per day within the next 12 to 24 months. This strategy aims to tackle key challenges in the sector, such as oil theft, pipeline vandalism, outdated infrastructure, and attracting investment.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a dip in production from 1.571 million barrels per day in August to 1.544 million in September, representing a 1.68% decline.
Despite this, the government’s new initiative promises to drive production back up through a series of targeted interventions.
Speaking at the launch of “Project 1MMBPD” to mark NUPRC’s three-year anniversary, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, emphasized that increasing oil production is key to boosting national revenue and accelerating economic development.
The President noted, “Project one million barrels per day is a giant step forward for our oil and gas industry, designed to grow sustainably. By enhancing domestic energy security and supporting economic vibrancy, this initiative will ensure Nigeria remains a crucial player in the global energy landscape.”
