Nigeria’s oil output has surged by an impressive 300,000 barrels per day (bpd) since the launch of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s One Million Barrels Initiative, marking a major milestone in President Bola Ahmed Tinubu’s energy reforms. Launched in October 2024, the Initiative was designed to raise Nigeria’s daily production by one million barrels, support national revenue, and reposition Nigeria in global energy markets. The latest figures show that oil production has risen from approximately 1.45 million bpd to around 1.7 million bpd, signalling renewed momentum under Tinubu’s Renewed Hope Agenda.
According to NUPRC Chief Executive Gbenga Komolafe, the increased output is a direct result of growing investor confidence, increased rig activity now up to 46 active rigs, and strong regulatory support. This progress has been further boosted by key Executive Orders signed by President Tinubu, including Executive Order 40 on fiscal incentives for oil and gas development, Order 41 on local content, and Order 42 on cost efficiency and contract thresholds.
Komolafe noted that these orders have catalysed billions of dollars in new investment and multiple Final Investment Decisions (FIDs), enabling a more stable and competitive upstream oil sector. He also emphasized the crucial role of NUPRC as a quasi-judicial regulator, guiding policy execution in a way that aligns investor interests with national development goals.
This 300,000 bpd gain is not only a technical accomplishment but also a policy win, proving that strategic leadership and reforms from the Tinubu administration are beginning to restore confidence and capacity in Nigeria’s vital oil sector. As Nigeria targets long-term growth in line with its 3 million bpd ambition, the continued success of the One Million Barrels Initiative will be pivotal in boosting national income, attracting further investment, and enhancing global energy security.
