Nigeria Unveils Initiative to Boost Oil Production to Over 1.6 Million Barrels Per Day via Alternative Funding

Nigeria has launched the Project 1MMBOPD Initiative, aimed at developing alternative funding mechanisms to significantly increase oil production in the short-to-medium term. The initiative is designed to unlock new opportunities for all industry stakeholders.

The launch follows recent progress in the oil and gas sector, which has seen a modest rise in production to 1.6 million barrels per day.

Speaking at the inauguration of the initiative and the third anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under the Petroleum Industry Act (PIA 2021), President Bola Tinubu, represented by Sen. George Akume, emphasized the need for collaboration. He called on industry stakeholders to support NUPRC’s efforts in achieving incremental production targets within specific timelines.

"This shared responsibility will involve government agencies, oil producers, service providers, financiers, host communities, and other stakeholders. It is expected to boost government revenues, eradicate poverty, and grow the nation's GDP, fostering shared prosperity," the president stated.

President Tinubu highlighted the initiative’s potential to drive economic recovery and growth by increasing efficiency and competitiveness in the oil industry. He further emphasized that his administration’s focus on decarbonization and economic diversification within the oil and gas sector remains strong, with major investment decisions being made across the value chain.

He stated that by urging stakeholders to prioritize increasing production to meet domestic energy demands and enhance foreign exchange earnings, noting the importance of continued industry collaboration for sustained progress.

“By enhancing domestic energy security and supporting growing vibrancy, this initiative will ensure that Nigeria remains a crucial player in the global energy asset and means of worldwide energy transition.

“Increased oil production will mean more job opportunities, increased revenue for the government, and more stable energy supply for the assets,” he said.

He also commended the Ministers of State for Petroleum Resources (Oil and Gas), NUPRC, NNPC Ltd., industry captains and oil producing organisations for delivering to contemporary challenges to foster development.