Nigeria Targets 2.7 Million Barrels Daily Oil Output by 2027, Says Presidential Adviser

Written on 04/02/2025

The World Oil

Nigeria, Africa’s largest oil producer, aims to boost its daily oil and condensate production to 2.7 million barrels by 2027, according to Olu Verheijen, Special Adviser on Energy to President Bola Tinubu.

Speaking at an energy conference in Dar es Salaam, Tanzania, Verheijen explained that the production surge will include a significant contribution from condensate, a lighter hydrocarbon not subject to OPEC+ quotas.

This strategy allows Nigeria to remain within its 1.5 million barrels per day crude quota while increasing overall output. Improved security around oil production and transport facilities is key to achieving this target.

Nigeria’s rising production, from as low as 1.1 million barrels per day in 2022, comes as the country tries to bolster income to deal with a myriad of economic challenges ranging from widespread poverty to dilapidated infrastructure.

In December it produced 1.67 million barrels, of which 1.48 million barrels were crude.

The West African nation is also on course to become a net exporter of oil products as a refinery owned by billionaire Aliko Dangote ramps up production, Verheijen said. “It’s an ambitious push,” she said. “But it’s one to aim for.” The removal of fuel subsidies could also foster further investment in refineries, she said.

“What that has done is allowed the downstream, mainstream downstream of that sector to now become commercially viable for the first time in decades,” she said. “Investments in refineries now make sense when they didn’t before.”