President Bola Tinubu has ordered the immediate reactivation of all dormant oil assets in Nigeria to boost declining crude oil production and revenue. This directive was relayed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the 2025 Nigeria Oil and Gas Energy Week in Abuja.
Lokpobiri emphasized that reactivating idle assets will stimulate sectoral growth, sustain investment in capacity building, and ensure that only committed investors have access to Nigeria’s hydrocarbon resources. The Federal Government has set a crude oil production target of 2.1 million barrels per day and a projected ₦84.67 trillion oil revenue in the 2025 budget, based on a $75 per barrel benchmark. However, current production struggles, hovering around 1.4 million bpd, with a slight rise to 1.63 million bpd in May, remain a challenge.
Highlighting the role of indigenous capacity and innovation, Lokpobiri said the recent increase in output following asset divestments shows local operators can drive growth. He called the president’s order a “directive, not a suggestion,” urging stakeholders to ensure all assets are active and productive.
Lokpobiri also noted that Nigeria has fulfilled its financial and legal obligations for the take-off of the African Energy Bank (AEB), which is expected to unlock new funding opportunities and drive broader economic growth.
Despite holding an estimated 37.28 billion barrels in crude oil reserves as of January 1, 2025, Nigeria continues to face production setbacks due to pipeline vandalism, oil theft, and terminal shutdowns, falling short of both local targets and its OPEC quota of 1.5 million bpd.
