Nigeria Plans $20 Billion Upstream Oil Investment, Targets 2 Million Bpd by 2027

The Nigerian government, under President Bola Tinubu, is driving significant reforms in the oil and gas sector, including the removal of fuel and foreign exchange subsidies to redirect resources toward infrastructure and community development. Investments in the upstream petroleum industry are expected to reach about $20 billion by 2029, with more than $8 billion already unlocked, supporting expansions like the Escravos-Lagos pipeline and enhancing gas supply to industries in the South-west region. Nigeria's national oil company, NNPC, plans to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, a target supported by advances in technology, including artificial intelligence, to improve efficiency and recovery. These efforts are part of a broader strategy emphasizing collaboration, smarter capital deployment, and decarbonization to produce cleaner and more profitable oil. The reforms and investments aim not only to boost oil and gas output but also to stimulate related sectors such as fertilizer and petrochemical production, which will benefit agriculture and manufacturing. Overall, Nigeria's energy sector is undergoing a transformation focused on sustainable growth, technological integration, and increased global competitiveness.