By Stella Odueme
Nigeria’s oil and gas sector is witnessing renewed investor confidence and stronger production growth as sweeping reforms implemented by the Federal Government continue to reshape the industry’s investment landscape, the Ministry of Petroleum Resources has said.
Speaking at the opening of the 25th Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, the Minister of State for Petroleum Resources (Oil), Senator , said policy reforms under President have revived upstream investment after years of declining activity.
Lokpobiri disclosed that Nigeria’s crude oil production has climbed from about one million barrels per day in 2023 to more than 1.8 million barrels per day, while the number of active drilling rigs has increased from 14 to over 60, signalling renewed exploration and field development.
He said the government is targeting higher output through improved security, regulatory stability, strategic investments and closer collaboration with industry stakeholders, adding that rising international demand for Nigerian crude presents opportunities to further expand production capacity.
According to the minister, implementation of the Petroleum Industry Act (PIA) has strengthened regulatory certainty, while the successful completion of asset divestments by Shell, ExxonMobil and ENI has accelerated indigenous participation in the upstream sector. Indigenous operators, he noted, now account for more than 60 per cent of the country’s daily crude oil production, while international oil companies are increasing investments in deep offshore assets.
To further enhance Nigeria’s competitiveness, Lokpobiri said the and the have engaged to benchmark Nigeria’s fiscal regime against global standards with a view to streamlining taxes, levies and statutory charges.
On the gas sector, the Minister of State for Petroleum Resources (Gas), Rt. Hon. , said Nigeria is leveraging its more than 215 trillion cubic feet of proven gas reserves to drive industrialisation, improve energy security and diversify the economy under the Decade of Gas Initiative.
He said reforms anchored on the Petroleum Industry Act and presidential Executive Orders have improved the investment climate through fiscal incentives, streamlined contracting processes and enhanced regulatory certainty, resulting in increased investments across the gas value chain.
Ekpo highlighted flagship projects, including the Ajaokuta-Kaduna-Kano (AKK) Pipeline, OB3 Gas Pipeline and the Train 7 Project, which is expected to increase the country’s liquefied natural gas production capacity from 22 million to 30 million tonnes annually.
He added that the Presidential Compressed Natural Gas (CNG) Initiative and the National Clean Cooking Programme are expanding domestic gas utilisation, lowering transportation costs, creating jobs and supporting Nigeria’s energy transition objectives.
The minister also reaffirmed Nigeria’s commitment to regional gas integration through the Trans-Saharan Gas Pipeline, Africa-Atlantic Gas Pipeline, Nigeria–Equatorial Guinea Gas Pipeline and the expansion of the West African Gas Pipeline network.
He noted that Nigeria’s assumption of the presidency of the 2026 Gas Exporting Countries Forum and its admission as an Association Country of the International Energy Agency further reflect growing global confidence in the country’s energy sector reforms.
Also speaking, the Special Adviser to the President on Energy, , said the administration aims to raise crude oil production to three million barrels per day and gas output to 10 billion standard cubic feet per day by the end of the decade.
She revealed that Nigeria has secured more than $10 billion in Final Investment Decisions over the past three years, while crude oil and condensate production has increased by over 400,000 barrels per day.
According to her, onshore production is now at its highest level in almost two decades, with the country’s external reserves exceeding $50 billion, underscoring improving macroeconomic stability and investor confidence.
