Key points
Nigeria’s daily crude oil production has increased to 1.84 million barrels.
Finance Minister Wale Edun commends Nigerian Upstream Petroleum Regulatory Commission for the achievement.
Government maintains target of two million barrels per day amid ongoing sector reforms.
MAIN STORY
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has lauded the Nigerian Upstream Petroleum Regulatory Commission for boosting Nigeria’s daily crude oil production to 1.84 million barrels.
Edun gave the commendation during a courtesy visit by the Chief Executive of the Commission, Oritsemeyiwa Eyesan, to the Ministry of Finance headquarters in Abuja.
Describing the development as “fantastic news,” the minister said the improved output aligns with the directive of President Bola Ahmed Tinubu to ramp up oil production. He urged the Commission to sustain the momentum and work towards achieving the national target of two million barrels per day.
Edun also noted that although the ongoing Middle East conflict was unfortunate, the Federal Government had already prioritised increased oil production prior to the crisis.
Earlier, Eyesan confirmed the production milestone, describing it as a significant achievement while expressing confidence in further growth. She explained that a temporary dip in output recorded in February was due to operational challenges at key facilities and scheduled maintenance activities, which have since been resolved.
THE ISSUES
Nigeria’s oil sector has long grappled with fluctuating production levels caused by infrastructure challenges, maintenance shutdowns, and external market dynamics. Sustaining output growth remains critical to government revenue and economic stability.
WHAT’S BEING SAID
Eyesan attributed the recent recovery to improved operational efficiency and regulatory oversight. She highlighted ongoing progress in the 2025 licensing round, currently at the technical and financial evaluation stage.
She also pointed to provisions within the Petroleum Industry Act, including the “drill or drop” clause, which empowers regulators to revoke licences for inactive oil blocks, thereby encouraging productivity.
In addition, Eyesan disclosed that the Commission had complied with Executive Order 9 of 2026, which suspends the 30 per cent Frontier Exploration Fund deduction and mandates direct remittance of revenues to the Federation Account.
WHAT’S NEXT
The Federal Government is expected to intensify efforts to sustain the upward production trend and meet its two million barrels per day target. Progress in the ongoing licensing round and enforcement of regulatory reforms will be closely monitored.
BOTTOM LINE
Nigeria’s rising oil output signals renewed momentum in the upstream sector, but sustaining growth and meeting national production targets will depend on consistent reforms, operational stability, and effective regulatory enforcement.
