Nigeria needs improved security, investment to achieve 2.06 mbpd crude oil production – Report

Nigeria needs improved security, improved investment, and a proper regulatory framework to achieve its target of producing 2.06 million barrels of crude oil per day in 2025.

This is according to an analysis contained in a report by PricewaterhouseCoopers (PwC) International Limited, titled “2025 Nigerian Budget and Economic Outlook.”

According to the analysis, the target is likely achievable, based on three rationales which include:

• Nigeria’s current average production of 1.5 mbpd has to be increased by 37%.
• Improvements in security, investment, and regulatory frameworks.
• Investments by Shell and TotalEnergies in the Bonga deepwater field and the Ubeta upstream that were announced towards the end of 2024.

The report also notes that oil production levels and global oil prices will be a determining factors in Nigeria’s projected revenue growth.

“The FAAC allocation in 2025 will be driven by the outcome of the implemented fiscal reforms, exchange rate fluctuations, oil production…