President Bola Ahmed Tinubu has revealed that the country’s daily oil production now stands at 1.68 million barrels per day up from barely one million when he took office in 2023.
The president stated this in his independence day speech, revealing that the resumption of domestic oil refining by the Dangote oil refinery has further helped solidify the country’s self sufficience.
“Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta.
“Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.” He said.
Nigeria’s Project 2mbpd Oil Production
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPCL) have broadly set a goal of achieving 2.1 mbpd in 2025 and 2 mbpd by 2027 respectively.
In 2024, NNPC claimed it had achieved 1.8 mbpd and was “eyeing” 2 mbpd, The current production status of 1.68mbpd is therefore a long way off the 2mbpd target.
