Nigeria could raise its crude oil production by an additional 100,000 barrels per day in the coming months, according to the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari.
Ojulari disclosed this during an interview on the sidelines of the CERAWeek by S&P Global in Houston, noting that the planned increase forms part of efforts to strengthen Nigeria’s contribution to global oil supply amid ongoing geopolitical tensions.
He explained that Nigeria is gradually building the capacity required to boost output, even though it may not rival top oil-producing nations like Saudi Arabia. According to him, the country averaged between 1.6 million and 1.7 million barrels per day in the past year and is now targeting 1.8 million bpd in 2026.
The anticipated increase is expected to help cushion supply disruptions linked to global conflicts, including tensions involving the United States, Israel, and Iran.
The projection comes as NNPC continues to implement reforms aimed at improving operational efficiency and increasing production. In 2025, the company conducted a comprehensive review of its asset portfolio and has since focused on improving project delivery timelines and cost management, following years of delays.
Despite these efforts, Nigeria’s oil sector continues to face production challenges. Data from the Organisation of Petroleum Exporting Countries shows that crude production dropped to about 1.31 million bpd in February 2026, although output had earlier risen to approximately 1.459 million bpd in January.
Oil production remains critical to government revenue and external reserves, making sustained output growth essential for easing fiscal pressures. While the Federal Government set a benchmark of 2.6 million bpd, it adopted a more conservative 1.8 million bpd projection for budget planning.
Looking ahead, NNPC plans to develop new oil fields starting from 2026 and is targeting up to $30 billion in investments by 2030. The company has also initiated a process to divest stakes in certain oil and gas assets as part of efforts to optimise its portfolio.
NNPC operates both independently owned assets and joint ventures with international oil companies, including Shell, Chevron, Eni, and TotalEnergies, although details of the planned stake sales have not been disclosed.
