Nigeria’s crude oil production has risen to 1.8 million barrels per day, up from 1 million, with fresh investments from American firms expected to further boost output.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this at the inaugural Africa Energy Investment Summit (AE Invest 2025) held in New York. He noted that the Federal Government’s long-term target is to ramp production up to 2.5 million barrels per day.
Lokpobiri, speaking during a panel session, underscored Africa’s renewed investor confidence and the continent’s growing appeal in the global energy sector.
“Africa must not be deceived into abandoning fossil fuels while the West continues to expand production,” he said. “Our hydrocarbons will finance our transition — not charity, not aid.”
Also addressing the summit, Equatorial Guinea’s Vice President, H.E. Nguema Obiang Mangue, represented by the Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, called for urgent steps to reclaim control over Africa’s energy future.
“Africa holds 40% of the world’s natural resource discoveries yet remains at the mercy of financiers in London, Paris, and New York,” Ondo said. “Energy finance is a question of sovereignty. We must build the African Energy Bank, mobilise our sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader.”
Secretary-General of the African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim, explained that the summit was deliberately held alongside the United Nations General Assembly to maximise global engagement.
“The UNGA brings all our leaders and investors together, making it the ideal platform to connect, engage, and unlock funding for Africa’s energy future,” Ibrahim stated.
