Business
Lokpobiri Targets 2m Barrels Crude Output By Dec
The Minister of State, Ministry of Petroleum Resources (Oil), Heineken Lokpobiri, has stated that he is working with all stakeholders to increase crude oil production to get more revenue for the federation.
Giving the hint during a brief meeting with energy correspondents in Abuja, he noted that already deliberate steps are being taken to ensure that crude oil production moves from its current 1.4 million barrels per day to 2 million barrels per day in December.
According to him, the oil and gas sector has become more competitive, especially with the discovery of oil in more countries in Africa.
He said International Oil Companies (IOCs) are now looking at other countries for better deals and more returns on their investment.
Lokpobiri, however, noted that with the passage of the Petroleum Industry Bill (PIB) investors have been reassured of a stable oil and gas business environment.
According to him, government will do everything possible to support every investment in the oil and gas sector and also ensure that Nigeria takes its rightful place as a net exporter of crude and refined products.
The Minister said his main agenda is to ensure an increase in crude oil output which will result in more Forex inflow into the country.
“My sole agenda is to increase crude oil production which is more revenue for Nigeria. Nigeria is dependent on oil and the budget is predicated on oil.
“For us to solve our problems, we need to earn enough Forex. My ambition is to see how to lead the sector to increase Forex”, he said.
The Minister lamented the low oil output in the country which he attributed to the rising insecurity in the Niger Delta region.
“As of today, we are doing about 1.4 barrels but our target is to see how to hit 2 million barrels per day by the end of the year.
“The reason why we are falling behind is because of the insecurity and we are engaging all the stakeholders and that is why we are increasing production.
“I have engaged the IOCs, the mid-stream, the down-stream, and all stakeholders and we are addressing their challenges to ensure that we increase production capacity.
“I want to assure you that by the end of this year, you will see the difference between when we came in and what we are doing”, he stated.
He further said the government is aware of the attractive overtures dangled to the IOC by other African countries, but assured that the right investment template will be created to ensure that the IOC is comfortable with the business climate in the country.
“The industry is becoming more competitive as more African countries are discovering oil. OICs now have more options but we have assured them that there is no place like Nigeria. With the passage of PIB, the regulatory framework is now stable for investment”, he said.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.