Adedokun Waliyu 
Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria’s oil output, including condensates, is currently 1.75 million barrels per day (bpd).
Lokpobiri spoke on Monday during the national economic council (NEC) conference.
“When we came into office in 2023, we were doing nearly a million barrels inclusive of condensate. As of last week, we were doing 1.75 million barrels per day inclusive of condensate,” he said.
“And that is a significant 75 percent growth from where we were as of 2023.”
Lokpobiri added that oil still accounts for over 80 percent to 90 percent of Nigeria’s foreign exchange (FX).
However, the minister said the oil sector is still fundamental to sustaining the growth that the country is currently experiencing.
“Our projection from now to 2030 is to increase the barrels up to 3 million barrels per day, which is doable,” Lokpobiri said.
“But for us to do that, we need to sustain the reforms that we put in place, implement the reforms in collaboration with all stakeholders.”
Once this is done, he said the country will be able to meet its domestic obligations and needs as well as meet international obligations.
Lokpobiri expressed excitement that the country is doing so well and “investments are coming in numbers”.
For Nigeria to achieve its 2030 projection, he said the country needs to sustain significant investment.
“You will agree with me that even recently, the global CEO of Shell was in Nigeria and visited the president, and he announced another commitment of $20 billion,” Lokpobiri said.
“I believe that this is the way to go. If we continue on this trajectory, by 2030, Nigeria will surpass the 3 million barrels per day projection that we have today.”
Nigeria failed to meet its assigned production target for the fifth consecutive time in December 2025, according to the Organisation of Petroleum Exporting Countries (OPEC) data.
