Nigeria Targets 2.7 Million Barrels of Daily Oil Production by 2027

Nigeria, Africa’s largest oil producer, aims to increase daily crude and condensate output to 2.7 million barrels by 2027, according to Special Adviser on Energy Olu Verheijen, as reported by Bloomberg.

Verheijen highlighted enhanced security at production and transportation sites as a key factor in boosting output. She noted that the increase will be partly driven by condensate, a lighter hydrocarbon that allows Nigeria to remain within its OPEC+ crude oil quota of 1.5 million barrels per day.

“The OPEC quota does not include condensate. Our target combines both crude and condensate to demonstrate capacity for a higher quota if needed,” she stated at an energy conference in Dar es Salaam, Tanzania.

Nigeria’s oil production rebounded from a low of 1.1 million barrels per day (bpd) in 2022, reaching 1.67 million bpd in December 2024, including 1.48 million barrels of crude. This growth supports efforts to boost revenue amid economic challenges such as poverty and deteriorating infrastructure.

The country is also on track to become a net exporter of petroleum products as Aliko Dangote’s refinery ramps up production. Verheijen emphasized that the removal of fuel subsidies has revitalized the downstream sector, making refinery investments more viable for the first time in decades.