Juliet Ezeh
Nigeria’s crude oil production has climbed to 1.84 million barrels per day, signaling a strong recovery in the upstream sector and raising fresh optimism about the country’s fiscal outlook.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for driving the rebound, but insisted that the country must push further to meet a key benchmark of 2 million barrels per day.
Speaking in Abuja during a meeting with the Commission’s leadership, Edun described the current output level as encouraging but emphasized the need for sustained growth.
“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news and aligns with the mandate of Bola Tinubu,” he said.
Despite the progress, the minister made it clear that the government’s focus is firmly on scaling production to 2mbpd without disruption.
“What matters is not just reaching certain heights but sustaining it. We don’t want any stopping along the way. The trajectory must be maintained, and the magic figure is 2mbpd,” he added.
The renewed push comes amid global oil market uncertainties, including tensions in the Middle East, which Edun described as unfortunate but not a distraction from Nigeria’s production goals.
Earlier, the Commission Chief Executive, Oritsemeyiwa Eyesan, confirmed that production had rebounded to 1.84mbpd following earlier setbacks.
She attributed the temporary dip recorded in February to operational disruptions and maintenance activities at key facilities, noting that those challenges have now been resolved.
“We are seeing production ramping up. That is a remarkable feat, but we are confident we can do more,” she said.
Eyesan also disclosed that the ongoing 2025 licensing round has progressed to the technical and financial evaluation stage, with expectations that some newly allocated oil blocks could begin production within a year.
She highlighted growing participation by indigenous firms, describing their performance as a strong signal of increasing local capacity in the sector.
In addition, the NUPRC confirmed compliance with Executive Order 9 of 2026, which mandates the suspension of the 30 per cent Frontier Exploration Fund deduction and directs full remittance of revenues to the Federation Account—an action expected to boost government earnings.
With regulatory reforms tightening and production recovering, analysts say Nigeria’s ability to sustain and scale output will be critical to stabilising public finances and driving broader economic recovery.
Juliet Ezeh
Nigeria’s crude oil production has climbed to 1.84 million barrels per day, signaling a strong recovery in the upstream sector and raising fresh optimism about the country’s fiscal outlook.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for driving the rebound, but insisted that the country must push further to meet a key benchmark of 2 million barrels per day.
Speaking in Abuja during a meeting with the Commission’s leadership, Edun described the current output level as encouraging but emphasized the need for sustained growth.
“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news and aligns with the mandate of Bola Tinubu,” he said.
Despite the progress, the minister made it clear that the government’s focus is firmly on scaling production to 2mbpd without disruption.
“What matters is not just reaching certain heights but sustaining it. We don’t want any stopping along the way. The trajectory must be maintained, and the magic figure is 2mbpd,” he added.
The renewed push comes amid global oil market uncertainties, including tensions in the Middle East, which Edun described as unfortunate but not a distraction from Nigeria’s production goals.
Earlier, the Commission Chief Executive, Oritsemeyiwa Eyesan, confirmed that production had rebounded to 1.84mbpd following earlier setbacks.
She attributed the temporary dip recorded in February to operational disruptions and maintenance activities at key facilities, noting that those challenges have now been resolved.
“We are seeing production ramping up. That is a remarkable feat, but we are confident we can do more,” she said.
Eyesan also disclosed that the ongoing 2025 licensing round has progressed to the technical and financial evaluation stage, with expectations that some newly allocated oil blocks could begin production within a year.
She highlighted growing participation by indigenous firms, describing their performance as a strong signal of increasing local capacity in the sector.
In addition, the NUPRC confirmed compliance with Executive Order 9 of 2026, which mandates the suspension of the 30 per cent Frontier Exploration Fund deduction and directs full remittance of revenues to the Federation Account—an action expected to boost government earnings.
With regulatory reforms tightening and production recovering, analysts say Nigeria’s ability to sustain and scale output will be critical to stabilising public finances and driving broader economic recovery.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.