Nigeria Targets 3m BPD, $50bn Investment and 215 TCF Gas Reserves
The Federal Government has unveiled plans to unlock Nigeria’s more than 215 trillion cubic feet (TCF) of proven natural gas reserves and attract fresh investment into the oil and gas sector.
At the same time, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria could raise crude oil production to three million barrels per day.
The developments were announced at the fifth edition of the PENGASSAN Energy and Labour Summit (PEALS 2026) in Abuja.
Government officials, regulators, oil and gas operators and labour leaders discussed measures to strengthen the sector and promote sustainable growth.
Nigeria Targets 3 Million Barrels Per Day
The NUPRC Chief Executive, Meyiwa Eyisan, said Nigeria could achieve the 3 million barrels per day oil production target through increased investment, improved regulation and stronger collaboration across the industry.
Eyisan said Nigeria could no longer afford to delay the development of its petroleum resources.
She added that the Petroleum Industry Act had provided a regulatory framework for upstream development, while the commission was reviewing regulations that have affected investment and production.
According to her, ageing infrastructure remains one of the major challenges facing the oil and gas industry.
FG Targets $30bn to $50bn Oil Investment
The NUPRC also disclosed that the Federal Government is targeting between $30 billion and $50 billion in new oil and gas investments.
The investment drive will focus particularly on deepwater operations, where the government hopes to stimulate new projects and reverse declining capital inflows.
Eyisan said investment in Nigeria’s oil and gas industry was about $26 billion in 2014 but fell to roughly $2 billion between 2020 and 2023.
She said the commission’s annual licensing rounds, which began in 2023, would continue to provide opportunities for investors to participate in the development of Nigeria’s upstream resources.
Nigeria Seeks To Unlock 215 TCF Gas Reserves
Secretary to the Government of the Federation, George Akume, said Nigeria must move beyond crude oil extraction and make better use of its huge gas reserves.
Akume, who was represented by Professor Olatunde Bolade, said the country’s more than 215 TCF of proven gas reserves could support industrialisation and economic diversification.
He said the government plans to increase the use of gas for power generation, manufacturing, fertiliser production, petrochemicals and transportation.
According to Akume, gas can provide reliable energy for manufacturers and serve as feedstock for several industries.
He also said the government had accelerated the Decade of Gas programme under the Renewed Hope Agenda to increase domestic gas utilisation.
Gas Development To Support Industrial Growth
Akume linked greater gas utilisation to the government’s wider industrialisation plans.
He said increased gas supply could strengthen manufacturing while supporting fertiliser, petrochemical and other gas-based industries.
The SGF also linked increased domestic refining capacity to job creation and economic growth.
He said expanded refining would create opportunities in logistics, transportation, contracting and oilfield services while reducing foreign exchange requirements for petroleum product imports.
Akume also said the naira-for-crude initiative was designed to strengthen domestic refining and improve petroleum supply security by facilitating crude supplies to local refineries in naira.
NUPRC Introduces Gas Swap Initiative
Eyisan disclosed that the NUPRC had introduced guidelines for domestic gas swap arrangements to address challenges affecting gas supply.
Under the arrangement, an operator with a domestic gas supply obligation but without adequate evacuation facilities can enter into a swap agreement to meet the obligation.
Eyisan described the initiative as a potential game changer and said the commission was also considering extending the arrangement to oil swaps.
NNPC Calls For Greater Industry Discipline
The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, said regulatory reforms would only succeed if industry players followed established rules.
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Ojulari, who was represented by an NNPC human resources representative, urged stakeholders to tackle waste, indiscipline and practices that could undermine the stability of the sector.
He also stressed the importance of workers to the long-term sustainability of Nigeria’s petroleum industry.
PENGASSAN Demands Stronger Local Content
Minister of Labour and Employment, Muhammad Dingyadi, said industrial harmony would be critical to achieving sustainable growth in the oil and gas sector.
Dingyadi called for dialogue to resolve labour disputes and urged stakeholders to protect workers while maintaining investor confidence.
Meanwhile, PENGASSAN President Festus Osifo called for stricter enforcement of Nigerian Content rules governing expatriate employment.
Osifo said expatriate positions should be tied to measurable knowledge transfer, succession plans and the development of Nigerian workers.
The stakeholders spoke at the summit themed “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry.”
