Nigeria Aims to Double Oil Production to 3 Million Barrels Per Day by 2030
Nigeria, Africa's largest oil producer, is on track to nearly double its crude oil output to 3 million barrels per day (mbpd) by 2030. This ambitious target is supported by recent reforms and a substantial influx of investments, according to statements from Nigerian officials.
At the 2026 Oloibiri Lecture and Energy Forum in Abuja, NNPC Limited CEO Bayo Ojulari, represented by Executive VP Upstream Udobong Ntia, announced that over $24 billion in new investments have been secured, with an additional $10 billion in the pipeline. These investments are part of a broader strategy to resolve long-standing disputes and enhance production through AI and digitalization.
Further backing this effort, the Nigerian government seeks to attract $38 billion in additional financing to boost crude production. Special Adviser to the President on Energy, Olu Verheijen, confirmed during the 25th Nigerian Oil and Gas Energy Week that independent assessments show a 400,000 bpd increase in crude and condensate output.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) launched a 90-day reform agenda in January 2026 aimed at fast-tracking approvals for field development and drilling activities. The goal is to achieve 2 mbpd by 2027 and 3 mbpd by 2030.
As of July 2026, the Federal Government declared progress towards its oil and gas production targets, supported by an upstream investment pipeline exceeding $50 billion. Since 2023, crude and condensate production has increased by approximately 400,000 bpd, and foreign reserves have surpassed $50 billion.