Nigeria’s crude oil production has surged to 1.8 million barrels per day (bpd), up from 1 million bpd, according to Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil). Speaking at the inaugural Africa Energy Investment Summit (AE Invest 2025) in New York, Lokpobiri announced that the country aims to further increase output to 2.5 million bpd, with American companies already expressing keen interest in investing in Nigerian oil blocks.
A Resurgence in African Energy Investment
During a panel session at the summit, held alongside the United Nations General Assembly (UNGA), Lokpobiri highlighted a growing confidence in Africa’s energy sector, which is attracting renewed investment. He emphasized the critical role of fossil fuels in Africa’s economic strategy, stating, “Africa must not be misled into abandoning its hydrocarbon resources while others expand their production. Our oil and gas will fund our energy transition, not external aid or charity.”
Calls for African Energy Sovereignty
The summit also featured insights from H.E. Antonio Oburu Ondo, Equatorial Guinea’s Minister of Hydrocarbon Mining Development, representing Vice President H.E. Nguema Obiang Mangue. Ondo stressed the need for Africa to take control of its energy future, noting that the continent holds 40% of global natural resource discoveries yet remains dependent on foreign financiers. “Energy finance is about sovereignty,” he said, advocating for the establishment of an African Energy Bank and the mobilization of sovereign wealth and pension funds to position Africa as a global energy leader.
Unlocking Africa’s Energy Potential
Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), which organized the summit, underscored the strategic timing of the event. “The UNGA brings together African leaders and global investors, creating an ideal platform to connect, collaborate, and secure funding for Africa’s energy future,” he said.
Outlook for Nigeria’s Oil Sector
Nigeria’s increase in oil production to 1.8 million bpd signals a robust recovery for the country’s energy sector, a key driver of its economy. With foreign investors showing renewed interest and ambitious targets set for further growth, Nigeria is positioning itself as a central player in Africa’s energy landscape while leveraging its resources to fund a sustainable energy transition.
