Nigeria’s ambition to meet its 2.06 million barrels per day (bpd) crude oil production target for the 2025 national budget gained momentum in July, with the country surpassing 1.8 million bpd for the first time this year.
The update was revealed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday. The positive development comes as a relief to policymakers aiming to fund a proposed N55 trillion national budget, which relies heavily on oil revenues.
Speaking at the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, NUPRC Chief Executive Gbenga Komolafe disclosed that Nigeria’s average production for July stood at 1.78 million bpd, with peak output slightly higher, exceeding 1.8 million bpd.
The 2025 budget projection includes 2.06 million bpd (inclusive of condensates) at a benchmark oil price of $75 per barrel, with oil revenue expected to generate around N19.6 trillion.
“Our focus remains on ensuring a sustainable energy future by leveraging technology, supply chains, human capital, and clear policies,” Komolafe said, during his speech themed “Building a Sustainable Energy Future.”
Nigeria has struggled with consistent underproduction due to pipeline vandalism, oil theft, and operational setbacks, threatening budgetary forecasts in previous years. July’s figures signal a potential turning point for Africa’s largest oil producer.
