The Federal Government has called on International Oil Companies (IOCs) operating in Nigeria to take decisive steps to increase crude oil production, aligning with the country’s target of reaching 2.5 million barrels per day (bpd) by 2027.
Nigeria’s daily average oil production in 2025 stood at approximately 1.6 million bpd, falling short of the budget benchmark of 2.06 million bpd.
Speaking at the conclusion of a panel session at the ongoing 2026 Nigerian International Energy Summit, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasised that the government has created an enabling environment for oil companies to operate efficiently.
Lokpobiri noted that the performance of the petroleum industry is closely linked to the success of upstream operators, highlighting that Nigeria’s economy remains heavily reliant on foreign exchange earnings from the sector.
The government’s appeal underscores the strategic importance of upstream oil performance in achieving fiscal targets, enhancing foreign reserves, and supporting broader economic growth in Nigeria.
