Nigeria could increase its crude oil production by about 100,000 barrels per day (bpd) in the coming months, according to the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari.
Ojulari made the disclosure during an interview on the sidelines of the CERAWeek by S&P Global held in Houston, noting that Nigeria is steadily building capacity to enhance output.
“We are building that capacity. We are not like Saudi Arabia, but we can contribute,” he said, acknowledging Nigeria’s position among global oil producers.
The planned increase comes as Nigeria seeks to strengthen its contribution to global supply amid ongoing geopolitical tensions affecting oil markets.
Ojulari revealed that Nigeria produced an average of between 1.6 million and 1.7 million bpd last year, with a target of reaching 1.8 million bpd in 2026.
The anticipated production boost could help cushion global supply disruptions linked to tensions involving major players such as the United States, Israel, and Iran.
In line with this goal, NNPC Ltd has been implementing strategic reforms aimed at improving operational efficiency and boosting output. The company completed a comprehensive portfolio review in 2025 and is now focused on improving project execution and delivery timelines.
Efforts are also underway to ensure projects are delivered within budget, addressing challenges of delays that have historically affected the sector.
Despite these initiatives, Nigeria’s oil industry continues to face production hurdles. Data from the Organization of the Petroleum Exporting Countries shows that crude oil output dropped to about 1.31 million bpd in February 2026, although production rose to 1.459 million bpd in January.
Oil production remains a critical driver of government revenue, and sustained growth is expected to strengthen external reserves and ease fiscal pressures.
While the Federal Government set a benchmark of 2.6 million bpd for 2026, it adopted a more conservative estimate of 1.8 million bpd for budget planning.
Looking ahead, NNPC Ltd plans to develop new oil fields from 2026 and is targeting at least $30 billion in investment by 2030. The company has also initiated a process to sell stakes in some of its oil and gas assets as part of efforts to optimise its portfolio.
NNPC holds interests in several assets, both independently and in partnership with international oil companies such as Shell, Chevron, Eni, and TotalEnergies.
The reforms and investment drive are expected to enhance efficiency and support gradual growth in Nigeria’s oil production in the coming years.
