The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bashir Bayo Ojulari, has raised Nigeria’s feasible oil output target to 2 million barrels per day by 2027.
This is as the country navigates around 1.7 million barrels per day and a long term target of 3 million barrels per day.
Mr Ojulari, revealed this on Tuesday at the Energy Talk session of the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) taking place in Abu Dhabi, United Arab Emirates (UAE).
In a statement released and signed by Chief Corporate Communications Officer NNPC Limited, Mr Andy Odeh, in Abuja, Mr Ojulari described the hike in oil output target as a growth driven by redefined relationships with International Oil Companies (IOCs) and independents, removing legacy blockers and aligning on shared value.
He reaffirmed the company’s commitment to working with its peers in the Organisation of the Petroleum Exporting Countries (OPEC), African national oil companies, and financial institutions to attract between $30 – $60 billion in fresh investment by 2030.
Mr Ojulari said the government’s new incentives beyond the Petroleum Industry Act (PIA) were already attracting capital for deep-water exploration, dry gas development, and cost reduction.
He spotlighted some of the nation’s high-profile energy initiatives, such as upstream revival through accelerated new fields development, gas infrastructure expansion, including the near-completion of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the Obiafu-Obrikom-Oben (OB3), and the rollout of cleaner energy, including the Presidential CNG Initiative and expansion of autogas corridors.
Mr Ojulari called for bold global partnerships and investments to end the phenomenon of energy poverty across Africa.
Fielding questions from the host and Pulitzer Prize-winning energy author, Mr Daniel Yergin, the GCEO emphasised Nigeria’s pivotal role in Africa’s energy milieu, adding that Nigerian state oil company was the linchpin to the drive for energy sufficiency in the African continent.
The NNPC helmsman highlighted Nigeria’s vast oil, gas, and renewable energy potentials, stressing that under President Bola Tinubu’s Renewed Hope Agenda, there are concerted efforts to transform Nigeria from an extractive economy to a diversified, investment-driven energy hub.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose. At NNPC Limited, we are not just participating in the energy transition; we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetise gas, deepen partnerships, and deliver value to Nigerians and global partners alike,” Mr Ojulari stated.
He also echoed the opening remarks of Mr Sultan Ahmed Al Jaber, UAE Minister of Industry and ADNOC CEO, who called for “pragmatic, not performative” energy policies and emphasised the need for $4 trillion in annual global energy investment, Ojulari urged global stakeholders to co-invest in Africa’s energy future.
“Our message to the world is clear: Nigeria is open for business, and NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation,” he concluded.