The Federal Government has reaffirmed its commitment to deepening reforms in Nigeria's oil and gas sector, saying policy reforms under President Bola Ahmed Tinubu have restored investor confidence, increased crude oil production and positioned the country as a preferred destination for global energy investments.
The assurance was given on Tuesday by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, at the opening of the 25th Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja.
Lokpobiri said Nigeria's crude oil production has risen from about one million barrels per day in 2023 to more than 1.8 million barrels per day, while the number of active drilling rigs has increased from 14 to over 60, signalling renewed exploration and production activities.
He said the government remains focused on raising production further through sustained investments, enhanced security, regulatory certainty and stronger collaboration with industry players.
According to him, reforms driven by the Petroleum Industry Act (PIA) and the Tinubu administration have addressed long-standing challenges in the sector and renewed investor confidence.
The minister also noted that global concerns over energy security have shifted the international conversation towards a balanced energy mix, making oil and gas resources increasingly strategic.
He added that Nigeria would continue to responsibly develop its hydrocarbon resources to support industrialisation, economic growth and energy security.
Lokpobiri said indigenous companies now account for more than 60 per cent of the country's daily crude oil production following the successful completion of divestment deals involving Shell, ExxonMobil and ENI, while the international oil companies are increasing investments in deep offshore operations.
To improve the ease of doing business, he disclosed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in partnership with the Independent Petroleum Producers Group (IPPG), has engaged PricewaterhouseCoopers (PwC) to benchmark Nigeria's fiscal regime with global standards and simplify multiple taxes, levies and statutory charges.
Speaking on the gas sector, Ekpo said the government is leveraging Nigeria's over 215 trillion cubic feet of proven gas reserves to drive industrialisation, diversify the economy and strengthen energy security under the Decade of Gas Initiative.
He said reforms introduced through the Petroleum Industry Act and subsequent Executive Orders have improved regulatory certainty, enhanced fiscal incentives and boosted investments across the gas value chain.
The minister highlighted ongoing strategic projects, including the Ajaokuta-Kaduna-Kano (AKK) Pipeline, the OB3 Gas Pipeline, expanded gas processing facilities and the NLNG Train 7 Project, which is expected to increase Nigeria's liquefied natural gas production capacity from 22 million to 30 million tonnes annually.
Ekpo also said the Presidential Compressed Natural Gas (CNG) Initiative and the National Clean Cooking Programme are expanding domestic gas utilisation, lowering transportation costs, creating jobs and promoting cleaner energy.
He reaffirmed Nigeria's commitment to regional energy integration through projects such as the Trans-Saharan Gas Pipeline, Africa-Atlantic Gas Pipeline, Nigeria–Equatorial Guinea Gas Pipeline and the expansion of the West African Gas Pipeline.
The minister added that Nigeria's assumption of the Presidency of the Gas Exporting Countries Forum (GECF) in 2026 and its admission as an Association Country of the International Energy Agency (IEA) reflect growing international confidence in the country's energy reforms.
Also speaking, the Special Adviser to the President on Energy, Mrs. Olu Verheijen, said the Federal Government is targeting crude oil production of three million barrels per day and gas production of 10 billion standard cubic feet per day by the end of the decade.
She said Nigeria has attracted more than $10 billion in Final Investment Decisions over the past three years, while crude oil and condensate production has increased by over 400,000 barrels per day.
According to her, Nigeria has also emerged as one of Africa's leading destinations for upstream investments, with external reserves now exceeding $50 billion, reflecting growing investor confidence in the economy.