Nigeria's oil production capacity is set to receive a significant boost, with the Nigerian National Petroleum Company (NNPC) Limited aiming to increase output by about 100,000 barrels per day over the next few months.
This announcement comes on the heels of a crude oil and condensate production shortfall of about 16.6 million barrels in January and February of 2026. According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country produced a total of 50.5 million barrels of crude oil and condensate in January, but output declined notably in February, with total production dropping to approximately 41.6 million barrels.
NNPC's Group Chief Executive Officer, Bashir Bayo Ojulari, has attributed the shortfall to previous delays in project execution and has vowed to implement changes to improve delivery. The company has completed a full portfolio review of its business and is working to ensure that projects are completed on budget and on time.
The country's oil production has averaged around 1.6 million to 1.7 million barrels per day in the past, but is hoping to reach 1.8 million barrels per day this year. Bayo Ojulari's comments suggest that Nigeria is committed to contributing to the global oil market, despite being compared to top OPEC member Saudi Arabia.
The NNPC's plans to boost oil production by 100,000 barrels per day are a welcome development, but the scale of the shortfall in January and February is a stark reminder of the challenges facing the industry. The government's benchmark in the 2026 budget, which projected a production of 108.6 million barrels for the period, is now looking increasingly out of reach. This raises questions about the feasibility of the budget and the impact on the country's economy. The NNPC's commitment to improving project execution and delivery is a step in the right direction, but it remains to be seen whether this will be enough to meet the country's production targets.
