Nigeria’s oil production is expected to rise to 2 million barrels per day (bpd) by 2026, according to a report by Renaissance Capital. The growth is driven by the Petroleum Industry Act (PIA), increased capital expenditure, and a higher number of active drilling rigs, signaling a recovery in the oil sector.

The report highlights that policy reforms, renewed investments, and a shift towards local ownership are revitalizing the country’s oil and gas industry. Key developments such as the commissioning of the Dangote Refinery and the launch of a fully Nigerian-owned Floating Storage and Offloading (FSO) vessel are expected to further support production growth.

Renaissance Capital notes that with continued stable policy implementation, Nigeria could potentially meet or exceed its medium-term production targets, boosting fiscal revenues and strengthening foreign exchange reserves.