Petroleum sector reforms key to national economic development, country on the right path- Lokpobiri

Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has reaffirmed Federal Government’s commitment to strengthening institutional performance, accountability and investment-driven growth in Nigeria’s petroleum sector

Speaking at the Ministry of Petroleum Resources’ Management Retreat in Abuja, themed “Driving Institutional Performance and Accountability in the Nigerian Petroleum Sector for Sustainable National Development,” the Minister said the administration has recorded significant progress in the sector since assuming office.

He disclosed that Nigeria’s crude oil production has increased from about one million barrels per day to approximately 1.8 million barrels per day, while the number of active drilling rigs has grown from fewer than 10 to over 60 in different locations across the country.

Lokpobiri attributed the sector’s improved performance to reforms that have restored investor confidence through policy stability, regulatory certainty and a competitive investment climate, making Nigeria a more attractive destination for oil and gas investments.

The Minister further noted that Nigeria’s foreign reserves have surpassed $50 billion, the highest level in 17 years, while downstream sector reforms have eliminated the persistent fuel queues previously experienced nationwide.

Despite these achievements, Senator Lokpobiri stressed the need to sustain momentum, urging stakeholders to target crude oil production above 2.5 million barrels per day and expand gas production to fully harness the nation’s energy potential.

He described the retreat as a strategic platform for reviewing progress, addressing existing challenges and developing practical frameworks to strengthen accountability, improve performance and sustain growth in the petroleum sector.

The Minister also called for intensified exploration activities in frontier and inland basins, including the Anambra, Benue, Chad and Dahomey Basins, to unlock untapped hydrocarbon resources, increase reserves and secure the future of the industry.

Highlighting developments in the global energy landscape, he observed that the conversation has shifted from “energy transition” to “energy mix,” underscoring the importance of policies that promote energy security, attract investments and support long-term economic prosperity.

In her welcome address, the Permanent Secretary of the Ministry, Mrs. Patience Oyekunle, described the retreat as an important
platform for learning, knowledge sharing and constructive engagement

She urged participants to actively engage in discussions, share experiences and embrace new perspectives.

Also speaking, the Director of Planning, Research and Statistics, Mrs. Kemi Ahmed Yusuf, said the retreat was convened to strengthen the Ministry’s capacity to deliver on its mandate.

The two-day event, held from June 10 to 11, 2026, brought together the leadership of the Ministry, heads of agencies and facilitators to chart a path for sustained growth, enhanced accountability and improved performance in Nigeria’s petroleum sector