*Calls for greater accountability, increased investment
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to strengthening institutional performance, accountability, and investment-driven growth in Nigeria’s petroleum sector.
Speaking at the Ministry of Petroleum Resources’ Management Retreat in Abuja, Senator Lokpobiri said the administration had recorded significant milestones since assuming office, particularly in crude oil production and investment inflows into the sector.
According to a statement issued by the Ministry’s Assistant Director of Information, Ngozi Umeano, the Minister disclosed that Nigeria’s crude oil production had increased from about one million barrels per day to approximately 1.8 million barrels per day. He also noted that the number of active drilling rigs had risen from fewer than 10 to more than 60 across various locations in the country.
Lokpobiri attributed the improved performance to reforms aimed at restoring investor confidence through policy stability, regulatory certainty, and a more competitive investment environment, making Nigeria increasingly attractive to oil and gas investors.
The Minister further revealed that Nigeria’s foreign reserves had exceeded $50 billion, the highest level recorded in 17 years. He added that reforms in the downstream petroleum sector had successfully eliminated the persistent fuel shortages and queues that previously affected the country.
Despite the gains, Lokpobiri urged stakeholders to sustain the momentum by targeting crude oil production above 2.5 million barrels per day and expanding gas production to maximize Nigeria’s energy resources.
He described the retreat, themed “Driving Institutional Performance and Accountability in the Nigerian Petroleum Sector for Sustainable National Development,” as a strategic platform for assessing achievements, addressing challenges, and developing practical measures to improve accountability and performance across the sector.
The Minister also called for intensified exploration activities in frontier and inland basins, including the Anambra, Benue, Chad, and Dahomey Basins, to unlock untapped hydrocarbon resources, boost reserves, and secure the long-term future of the industry.
Commenting on global energy trends, Lokpobiri observed that the international discourse had shifted from “energy transition” to “energy mix,” emphasizing the need for policies that promote energy security, attract investments, and support sustainable economic growth.
In her welcome address, the Permanent Secretary of the Ministry, Mrs. Patience Oyekunle, described the retreat as an important platform for learning, knowledge sharing, and constructive engagement.
She encouraged participants to actively contribute to discussions, share experiences, and embrace innovative ideas.
Also speaking, the Director of Planning, Research and Statistics, Mrs. Kemi Ahmed Yusuf, said the retreat was organized to strengthen the Ministry’s capacity to effectively deliver on its mandate.
