The Nigerian National Petroleum Company Limited (NNPC Ltd) is on track to increase crude oil production to 1.9 million barrels per day (bpd) by the end of 2025, according to Group Chief Executive Officer Bashir Bayo Ojulari.
Speaking during the inauguration of the new NNPC Ltd Board at the State House in Abuja, Ojulari outlined the company’s production roadmap and highlighted key operational reforms aligned with the federal government’s economic agenda.
“Production had risen to 1.7 million barrels in two months from 1.5 million barrels, with the target of reaching 1.9 million barrels by year-end.”
Bashir Bayo Ojulari, CEO of NNPC
Ojulari said the NNPC management had held extensive meetings with stakeholders to review current operations and strengthen partnerships.
The renewed focus on stakeholder engagement and operational efficiency is part of the company’s strategy to meet production targets and reinforce Nigeria’s position in the global oil market.
“We have had several meetings, and we have set a direction with the mandate that you have given us.
“We have commenced the journey with bi-weekly meetings with stakeholders.”
Bashir Bayo Ojulari, CEO of NNPC
Ojulari further noted that steps had been taken to optimise several aspects of NNPC’s business, including the critical turnaround maintenance of Nigeria’s refineries, which are expected to contribute to local capacity and reduce dependence on imported refined products.
He assured the President and other stakeholders. “We will promise what we can deliver, and we will deliver on our promise.”
Tinubu Backs the New Board
President Bola Tinubu, who chaired the inauguration ceremony, reaffirmed his confidence in the newly constituted board and its leadership. He said that each member was selected after a thorough and careful process aimed at assembling the best minds in the energy sector.
“When I started searching, it took a while to come up with the kind of character that you represent.
“You represent the best in the industry, and I have set goals for you.”
President Bola Tinubu
Tinubu emphasized the importance of consolidating the gains of his administration’s economic reforms and tasked the board with driving sustainable growth, enhancing energy security, and attracting investment.
“It is a call to duty for you. I believe you are among the best the industry can offer.”
President Bola Tinubu
The President acknowledged the impact of the ongoing reforms, pointing to domestic and international recognition of Nigeria’s economic resilience and competitiveness.
“Nigeria has come of age. It is now more competitive and turning the corner.
“With your highly respected team, I can relax and attend to other issues.”
President Bola Tinubu
Also speaking at the event, Minister of State for Petroleum Resources, Heineken Lokpobiri, praised the composition of the board and expressed confidence in their ability to meet national expectations.
He reiterated the Ministry’s commitment to supporting the NNPC Ltd team as they implement key strategies aimed at improving Nigeria’s energy infrastructure and oil output. “The team assembled is competent and capable of delivering,” Lokpobiri added.
The announcement of the 1.9 million bpd production target comes at a time when Nigeria is seeking to boost foreign exchange earnings, reduce public sector debt, and stimulate broader economic growth through the oil and gas sector.
The push to increase production will also support NNPC’s debt restructuring efforts and the federal government’s medium-term revenue projections.
Achieving this goal would mark a major milestone for the company, especially as it continues its transition to a fully commercial entity under the Petroleum Industry Act (PIA).
The new board’s inauguration and the ambitious production target is crucial components of Nigeria’s broader oil sector reforms. However, challenges such as pipeline vandalism, oil theft, and funding constraints remain hurdles that must be addressed to sustain growth.
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