Nigeria has capacity to reach higher oil production as reforms strengthen investment climate – Oando
Oil & Gas
By Anthony Isibor
OANDO Energy Resources says that Nigeria possesses the technical capacity to substantially increase crude oil production provided recent reforms are sustained and existing production is protected.
Speaking during a strategic panel session at the 2026 Nigeria Oil and Gas Energy Week, the Managing Director of Oando Energy Resources, Aimojie Alex Irune, said that the country’s target of producing 3 million barrels per day should serve as a strategic benchmark for the industry.
He stated that Nigeria currently produces only about 70 per cent of its technical production capacity, indicating considerable room for growth.
According to Irune, achieving higher production begins with preserving current output before focusing on additional volumes from undeveloped opportunities.
He observed that several longstanding challenges confronting the industry are gradually being addressed.
For years, he noted, discussions around Nigeria’s upstream sector centred on insecurity, NNPCL funding constraints and regulatory uncertainty.
Today, however, improvements in security, implementation of the Petroleum Industry Act and complementary executive orders have significantly strengthened the investment environment.
Irune added that these reforms have laid the foundation for renewed investor confidence and better collaboration across the industry.
He also pointed to improving investment trends, noting that Nigeria’s share of upstream investment in Africa has begun to recover after years of underperformance.
According to him, maintaining policy consistency while protecting existing production assets will position Nigeria to unlock additional reserves and move closer to its long-term production aspirations.
A.I
July 8, 2026
Tags: 2026 Nigeria Oil and Gas Energy Week Aimojie Alex Irune Energy Week NOG Oando