The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to intensify efforts toward achieving and sustaining crude oil production of 2 million barrels per day (bpd). Edun made the call on Thursday while receiving the Chief Executive Officer of NUPRC, Oritsemeyiwa Eyesan, at the Ministry of Finance headquarters in Abuja.
“I wish you continued success. What matters is not just reaching certain heights but sustaining it. We don’t want any stopping along the way. The trajectory should be maintained, and of course, the magic figure is 2mbpd,” Edun said.
The minister commended the commission for recent gains in output, noting that current production levels align with the administration’s targets.
“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news. That is totally in line with the mandate of President Bola Tinubu,” he said. “Clearly, you have started on a very good note. Please keep it up.”
Edun also described the ongoing conflict in the Middle East as unfortunate but noted that the President had already directed an increase in crude production before the crisis.
In her remarks, Eyesan confirmed that Nigeria’s daily crude output had recently reached 1.84 million bpd, expressing confidence that higher levels were achievable.
“We are doing 1.84 million barrels per day. That is a remarkable feat, but I am sure we will do more,” she said.
She attributed the earlier dip in production in February to operational challenges, including incidents at key facilities and routine maintenance, but noted that the issues had been resolved.
“But all that has been fixed and we are seeing production ramping up,” Eyesan said.
On the 2025 licensing round, the NUPRC boss disclosed that the process had advanced to the technical and financial evaluation stage, expressing optimism about increased sector growth, particularly with reforms under the Petroleum Industry Act.
Eyesan highlighted the “drill or drop” provision, which empowers the commission to revoke dormant oil blocks, noting that some of the acreages on offer could begin production within a year, driven largely by the capacity of indigenous firms.
She also confirmed the commission’s compliance with Executive Order 9 of 2026, which mandates the suspension of the 30 percent frontier exploration fund deductions and directs that such funds be remitted directly to the federation account.
Nigeria’s crude oil output had earlier dropped to 1.31 million bpd in February, according to data from the Organization of Petroleum Exporting Countries.
