By Amarachi Jim-Nwoko
ABUJA ( PRECISE POST) – The Federal Government has set a target of increasing Nigeria’s crude oil production to two million barrels per day, as it announced continued reforms aimed at attracting investment and strengthening the country’s petroleum industry.
The Secretary to the Government of the Federation (SGF), George Akume represented at the fifth edition of the PENGASSAN Energy and Labour Summit (PEALS) 2026, said average crude oil and condensate production had risen to approximately 1.753 million barrels per day as of June.
He attributed the increase to improved operational stability, better asset management, reduced disruptions and stronger collaboration among government, regulators, operators, host communities and other stakeholders.
The SGF said the Federal Government was committed to sustaining the momentum and achieving the two-million-barrel-per-day production target.
He said the administration had continued to strengthen the Petroleum Industry Act (PIA) and improve the regulatory architecture of the sector to create a more predictable and investment-friendly environment.
According to him, the reforms are aimed at giving investors confidence to commit capital, enabling operators to make long-term plans and ensuring that Nigerians derive greater value from the country’s petroleum resources.
The SGF disclosed that President Tinubu had in 2026 established the Presidential Petroleum Reform and Value Optimisation Task Force to consolidate ongoing reforms, unlock capital, optimise national petroleum assets and strengthen Nigeria’s position as a global energy investment destination.
He said the task force would also develop a 10-year National Energy Transformation Strategy with measurable targets for production, foreign exchange earnings, contribution to the Gross Domestic Product and cost competitiveness.
The government, he added, had attracted billions of dollars in fresh investments into the oil and gas sector, while renewed activities and new project commitments had increased substantially.
He said the government was giving priority to domestic refining, noting that increased refining capacity would reduce Nigeria’s dependence on imported petroleum products, conserve foreign exchange and retain more value within the domestic economy.
According to him, the expansion of large-scale and modular refineries would create employment, stimulate transportation and logistics, support local contractors and service companies and provide opportunities for petrochemical development.
He said the government’s Naira-for-Crude initiative was also designed to support the domestic refining drive and strengthen energy security.
