Nigeria’s Federal Government has unveiled an ambitious plan to boost crude oil production by one million barrels per day within the next two years. Dubbed “Project 1MMBPD,” this initiative aims to tackle key challenges in the sector, including oil theft, pipeline vandalism, outdated infrastructure, and attracting investment ¹.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a 1.68% decline in production from 1.571 million barrels per day in August to 1.544 million in September. Despite this, the government is confident that its new initiative will drive production back up through targeted interventions.
President Bola Ahmed Tinubu emphasized the importance of increasing oil production to boost national revenue and accelerate economic development. “Project one million barrels per day is a giant step forward for our oil and gas industry, designed to grow sustainably,” he said. “By enhancing domestic energy security and supporting economic vibrancy, this initiative will ensure Nigeria remains a crucial player in the global energy landscape.”
Key Objectives:
- Increase oil production: By one million barrels per day within 12-24 months
- Tackle sector challenges: Oil theft, pipeline vandalism, outdated infrastructure, and attracting investment
- Boost national revenue: Through increased oil production
- Accelerate economic development: By enhancing domestic energy security and supporting economic vibrancy
The government has set long-term targets to achieve four million barrels per day of oil and 10 billion cubic feet of gas output by 2030 ¹. With “Project 1MMBPD” underway, stakeholders are mobilizing to meet these ambitious targets.
