NNPC Ltd, Nigeria’s state oil company, is pushing to ramp up daily crude oil production to 1.9 million barrels by the end of 2025.
Bashir Bayo Ojulari, the company’s Group Chief Executive Officer, announced the target during the inauguration of the new NNPC board by President Bola Tinubu at the State House in Abuja, stating that it is part of the firm’s effort to revitalise the country’s energy sector and attract massive foreign investment.
“Production had risen from 1.5 million to 1.7 million barrels per day in just two months,” Ojulari said. “We’re confident we’ll reach 1.9 million by year-end.”
Ojulari also unveiled NNPCL’s ambitious plan to attract $60 billion in oil and gas investment by 2030, with a mid-term target of $30 billion by 2027. The plan aims to restore investor confidence and revamp operations through efficiency reforms and strategic partnerships.
Refinery Revival and Operational Optimisation
As part of the turnaround strategy, Ojulari confirmed ongoing optimisation projects, including maintenance of refineries. “We will promise what we can deliver, and we will deliver on our promise,” he affirmed.
He added that NNPCL had begun holding bi-weekly meetings with key stakeholders to align operations with the government’s investment and production goals.
Ojulari noted that President Tinubu’s economic reforms have sparked renewed investor interest. “The reforms have sent the right signals. We’re seeing increased foreign direct investment discussions already,” he said.
Presidential Backing for Transformation
President Tinubu, while inaugurating the board, said the leadership team was carefully selected for their expertise and character.
“You represent the best in the industry. I have full confidence that you can help reposition Nigeria’s oil and gas sector,” Tinubu said. “With you in charge, I can focus on other national priorities.”
Tinubu emphasised that ongoing economic reforms had made Nigeria more competitive and attractive to global investors. “Nigeria has come of age,” he declared. “The world is watching our resilience and strength.”
$60 Billion Vision
Ojulari’s $60 billion investment vision was first unveiled at a town hall meeting with staff on April 18, shortly after he assumed office. The strategy includes ramping up production to 3 million barrels per day by 2030 and leveraging private sector collaboration to modernise infrastructure.
Minister of State for Petroleum, Heineken Lokpobiri, also expressed confidence in the new team, describing them as “capable and committed to delivering results.”
Nigeria, Africa’s top oil producer, has struggled for years to meet production targets due to pipeline vandalism, regulatory hurdles, and ageing infrastructure. The NNPCL’s transformation under Ojulari is viewed as a crucial step toward reversing that trend and positioning the sector for long-term growth.
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