Since the inauguration of President Asiwaju Bola Ahmed Tinubu in May 2023, Nigeria’s crude oil production has experienced a modest increase of 131,926 barrels per day, as reported by Nairametrics based on data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
When Tinubu assumed office, Nigeria’s daily crude oil production, including condensates, stood at 1,430,146 barrels in May 2023. The subsequent months witnessed fluctuations: June 2023 saw a rise to 1,499,416 barrels per day, July 2023 witnessed a slight decline to 1,303,428 barrels, August 2023 increased to 1,414,664 barrels, and September 2023 marked a notable milestone with the highest production at 1,572,315 barrels per day. October 2023 saw a minor dip, with production levels at 1,562,072 barrels per day.
The oil sector experienced a significant change with the separation of gas from petroleum under Tinubu’s administration. Ekperikpe Ekpo was appointed as the Minister for Petroleum Resources (Gas), while Heineken Lokpobiri became the Minister of State for Petroleum Resources, focusing on crude oil production.
Lokpobiri has actively engaged with stakeholders and investors to revitalize Nigeria’s energy sector. This includes visits to refineries, resolving divestment disagreements, and strengthening partnerships with oil companies. Despite these efforts, Nigeria has struggled to meet its OPEC-assigned quota of 1.7 million barrels per day, with challenges such as crude oil theft and vandalism in the Niger Delta region hindering progress.
The government aims to address these challenges and enhance transparency within the oil sector. While Nigeria has secured $13 billion in oil and gas investments, the nation is working to create a more open and accessible industry, providing real-time data to investors and the public. The envisioned transparency is expected to attract more investors and reshape the image of the Nigerian oil sector.
Oil market analyst Dan D. Kunle emphasized the potential benefits of transparency, stating that it allows investors to understand ongoing activities, assess the impact of their investments, and ensure alignment with industry practices and environmental regulations. The administration has secured commitments from major companies, anticipating a production level of 2.1 million barrels per day by December 2024, subject to unforeseen challenges.
