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President Bola Tinubu has called on industry stakeholders to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to achieve its One Million Barrels Oil Per Day (1MMBOPD) Initiative. The president made this appeal on Monday in Abuja during the inauguration of the 1MMBOPD Initiative and the third anniversary celebration of the NUPRC under the Petroleum Industry Act (PIA 2021).
Tinubu, represented by Secretary to the Government of the Federation, Sen. George Akume, emphasized the need for collaboration among government agencies, major oil producers, service providers, financiers, host communities, and other stakeholders to reach incremental oil production targets within specified timelines. He stated that the initiative aims to unlock alternative funding mechanisms that would facilitate increased oil production in the short-to-medium term.
“This initiative is of national importance and should support Nigeria’s economic recovery and growth,” Tinubu remarked, noting that it would help expand government revenue, eradicate poverty, and boost the Gross Domestic Product (GDP). He highlighted the importance of not only increasing production levels but also enhancing the efficiency and competitiveness of the oil and gas sectors.
Tinubu also expressed satisfaction with the sector’s recent financial and investment decisions since the reforms began, stating that oil production had risen to 1.6 million barrels per day. He underscored the government’s commitment to decarbonization, economic diversification, and sustainable development within the industry.
The president commended the efforts of the Ministers of State for Petroleum Resources, NUPRC, NNPC Ltd., and industry leaders for their contributions to addressing contemporary challenges in the sector. He affirmed that achieving the 1MMBOPD target would create job opportunities, increase government revenue, and stabilize energy supplies in Nigeria.
