Nigeria capitalizes on $100 per barrel oil as production hits 1.84 million bpd

Nigeria is taking advantage of a rare surge in global oil prices, with crude climbing above $100 per barrel, as the country’s production recovers to its highest level in months. Output rose about 40.5 percent to 1.84 million barrels per day, up from 1.31 million barrels per day in February, signaling a renewed ability to strengthen government finances through energy exports.

The rebound follows a dip in February, after average production stood at 1.459 million barrels per day in January.  The increase was confirmed by Nigerian Upstream Petroleum Regulatory Commission Chief Executive Oritsemeyiwa Eyesan during a meeting with Finance Minister Wale Edun in Abuja. Eyesan called the rise significant and said production now stands at 1.84 million barrels per day, expressing confidence in further growth.

Nigeria targets 2 million barrels daily

Wale Edun praised the development and linked it directly to the economic priorities of President Bola Tinubu. He urged regulators to sustain production and aim toward 2 million barrels per day, emphasizing that consistent output is critical for stable revenue. “It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news. That is totally in line with the mandate of President Bola Tinubu,” Edun said.

Global oil markets are also boosting the gains. Brent crude futures exceeded $111 per barrel after tensions in the Middle East raised fears of supply disruptions. U.S. President Donald Trump issued new warnings to Iran, threatening civilian infrastructure, while Tehran rejected the demands, effectively limiting oil flows through the Strait of Hormuz. OPEC+ approved higher output quotas to manage shortages, even though conflict-related disruptions could persist.

Domestically, Nigerian authorities are moving to expand production. Bashir Bayo Ojulari, group CEO of the Nigerian National Petroleum Company, said the country aims to raise output by roughly 100,000 barrels per day in the coming months. Speaking at the CERAWeek by S&P Global conference, he noted last year’s production averaged 1.6 million to 1.7 million barrels per day, with 2026 targets set at 1.8 million barrels per day. Higher prices could bolster the current-account balance, strengthen government revenue, and offset inflationary pressures.

Nigeria targets 3 million bpd by 2030

Nigeria’s ambitions are long-term. At the 9th Nigeria International Energy Summit in Abuja, Vice President Kashim Shettima, representing President Tinubu, reaffirmed the goal of reaching 3 million barrels per day by 2030. Officials cited reforms under the Petroleum Industry Act and more than $8 billion in final investment decisions, signaling renewed investor confidence.

Currently, crude production hovers around 1.6 million barrels per day, while the Project One Million Barrels Per Day initiative aims to lift output to 2.5 million barrels by 2027. With oil prices above $100 per barrel and output recovering to 1.84 million barrels per day, Nigeria is positioning itself to capture stronger export revenue and reinforce fiscal stability as global supply concerns reshape energy markets.