President Bola Tinubu has reiterated his administration’s ambitious goal to ramp up Nigeria’s crude oil production to 3 million barrels per day (bpd) by 2030. Speaking through Vice President Kashim Shettima at the opening of the 9th Nigeria International Energy Summit (NIES 2026) in Abuja on Tuesday, February 3, 2026, the President outlined a strategic roadmap designed to restore Nigeria’s status as a global energy powerhouse.
The President confirmed that the nation is currently on a “systematic” path toward this milestone, with an interim target of 2.5 million bpd by 2027. This surge is being driven by “Project 1 Million Barrels Per Day,” an initiative launched in late 2024 to unlock dormant assets and fast-track approvals for new field developments. As of February 2026, Nigeria’s average production has stabilized at approximately 1.6 million bpd, a notable rebound from the lows seen in early 2023.
Tinubu highlighted that the “era of underinvestment” in the sector has ended, citing over $8 billion in Final Investment Decisions (FIDs) secured recently, including Shell’s $5 billion Bonga North project and TotalEnergies’ $550 million Ubeta project. He attributed this influx of capital to the full implementation of the Petroleum Industry Act (PIA) and new executive orders that provide tax credits for deepwater exploration and cost-efficiency.
A significant shift in the industry landscape was also noted: indigenous companies now account for over 50% of national production following the strategic divestment of international oil companies (IOCs) from onshore assets. The President framed these divestments as a “transfer of capability” rather than an exit, noting that local operators are now leading the charge in field optimization.
Despite the optimistic outlook, industry stakeholders at the summit raised concerns regarding bureaucratic bottlenecks. Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria (PETAN), warned that some contract approval cycles are still exceeding the six-month timeline mandated by the Presidency, potentially threatening the speed of the 2030 rollout.
Tinubu’s reaffirmation signals a commitment to using oil and gas as the “live wire” for national stability. With 28 new field development plans worth $18.2 billion approved in 2025 alone, the administration is betting heavily that regulatory clarity and enhanced security in the Niger Delta will finally bridge the gap between Nigeria’s vast potential and its actual output.
