ABUJA, Mar 24 – Nigeria could increase crude oil production by about 100,000 barrels per day in the coming months, according to the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC Ltd), Bashir Bayo Ojulari.
Speaking on the sidelines of the CERAWeek by S&P Global conference in Houston, Ojulari said the country is building capacity to support higher output, adding that while Nigeria may not match leading producers such as Saudi Arabia, it can contribute to global supply.
Nigeria produced between 1.6 million and 1.7 million barrels per day on average last year. The country is targeting output of around 1.8 million bpd, which also aligns with its budget benchmark for 2026.
Recent data shows production has remained uneven. Output rose to about 1.459 million bpd in January 2026 before declining to 1.31 million bpd in February, based on figures from the Organisation of Petroleum Exporting Countries.
The planned increase comes as oil markets continue to respond to geopolitical tensions affecting supply, including developments involving the United States, Israel and Iran.
NNPC has introduced a series of internal changes aimed at improving operations. The company completed a full review of its asset portfolio in 2025 and has begun implementing adjustments focused on project execution and delivery timelines.
Ojulari said the company is working to ensure projects are delivered on budget and on schedule, following delays recorded in previous years.
NNPC Ltd also plans to develop new oil fields from 2026 and is targeting at least $30 billion in investment by 2030. In addition, the company has launched a bid process to sell stakes in some of its oil and gas assets as it reviews its portfolio.
