The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to raising oil production to 2 million barrels per day (bpd) by 2027. Group Chief Executive Officer Bayo Ojulari announced the target at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the United Arab Emirates, stressing that partnerships and investment are essential to tackling energy poverty in Africa.
Ojulari noted that Nigeria’s oil output has already climbed to 1.7 million bpd, with a longer‑term ambition of reaching 3 million bpd. This growth is attributed to stronger relationships with independent oil companies and the removal of legacy blockers. The company aims to attract $30‑60 billion in fresh investment by 2030, collaborating with the Organisation of Petroleum Exporting Countries (OPEC), African national oil companies, and financial institutions.
Emphasizing pragmatism, partnerships, and purpose, Ojulari highlighted Nigeria’s pivotal role in Africa’s energy landscape. He outlined NNPCL’s focus on expanding production, monetising gas, and delivering value to stakeholders, and reiterated the firm’s openness to international partners, stating, “Nigeria is open for business” and inviting global investment in Africa’s energy transformation.
The company’s push to boost oil production and draw investment is bolstered by new government incentives under the Petroleum Industry Act (PIA). These measures are expected to attract capital for deep‑water exploration, dry‑gas development, and cost reduction. As the energy sector evolves, NNPCL’s commitment to shaping Africa’s energy future from an African perspective represents a significant step toward addressing energy poverty and promoting sustainable development across the continent.
ADIPEC 2025 provides a platform for industry leaders to discuss the future of energy and the role of African nations in the global market. NNPCL’s announcement is viewed as a positive move toward increasing energy production and fostering economic growth in Nigeria and the wider region, even as the company navigates the challenges and opportunities of a rapidly changing energy landscape.
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