Nigeria’s crude oil industry is showing renewed strength as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country has the capacity to produce as much as 1.9 million barrels of crude oil per day. The announcement comes at a time when global oil prices have climbed to about $77 per barrel, a level that sits above Nigeria’s 2025 budget benchmark and could strengthen national revenue prospects.
Speaking in Abuja during a meeting with the chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, NUPRC chief executive Oritsemeyiwa Eyesan noted that Nigeria recently reached a production peak of 1.86 million barrels per day in May. She said the country is steadily ramping up output again, signaling what she described as a gradual return to stronger production performance in the oil sector.
However, Eyesan acknowledged that significant challenges still stand in the way of sustained growth. She pointed to infrastructure gaps, concerns around asset integrity, and the need to strengthen human capacity within the industry as key constraints that must be addressed if Nigeria is to consistently hit its full production potential.
The meeting also highlighted growing collaboration between regulatory and revenue agencies. Eyesan commended the ongoing reforms under the Nigeria Revenue Service, while Adedeji emphasized that his agency’s role is to efficiently collect and account for revenue rather than generate it, stressing improved coordination and transparency in oil revenue management.
Nigeria’s production outlook also comes as the country recently exceeded its OPEC quota, recording about 1.53 million barrels per day in May. With both agencies pledging stronger cooperation, the focus is now on improving output stability and maximizing oil revenue in a more transparent and sustainable way for the Nigerian economy.
source: The cable