Nigeria records 80% rise in oil production as FG targets refining hub

By Kunle Sanni –

Nigeria’s crude oil production has surged by 80 percent over the past two years, rising from 1 million barrels per day (bpd) in 2023 to 1.8 million bpd in 2025, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

Speaking on Tuesday at the West African Refined Products Pricing and Markets Development Conference in Abuja, Lokpobiri described the growth as a major milestone in Nigeria’s upstream oil sector.

“When President Bola Tinubu took office in 2023, crude output hovered around one million barrels per day. Today, we are producing about 1.8 million barrels per day, including condensates — an 80 percent increase, whether anybody likes it or not,” he said.

Despite the production gains, the minister expressed concern over Nigeria’s continued export of raw crude and its dependence on refined imports, which he said diminishes value across the region.

He emphasized the government’s goal of transforming Nigeria into a regional refining hub, supporting local refiners, marketers, and regulators like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to create a more efficient trading environment.

Lokpobiri noted that boosting domestic refining capacity remains critical to capturing more value, improving energy security, and reducing reliance on imports.

Also speaking at the conference, the Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, said the company is dismantling structural barriers and investing in projects aimed at reshaping Africa’s refining industry.

Ojulari affirmed that “NNPC Ltd is committed to co-creating, co-investing, and co-leading the development of a resilient, inclusive, and globally competitive refining ecosystem.”