Nigeria has met its Organisation of Petroleum Exporting Countries (OPEC) production quota for the first time in over four years, according to a Bloomberg survey released yesterday.

The country’s crude oil production rose by 40,000 barrels per day (bpd) in December 2024 to reach 1.51 million bpd, matching its revised OPEC target. This marks a significant recovery after years of falling short due to oil theft, sabotage, and infrastructural decay.

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), attributed the achievement to directives from President Bola Tinubu, who prioritised increasing Nigeria’s crude production. Lokpobiri highlighted the administration’s success in attracting foreign investments, improving security in oil-producing regions, and addressing bottlenecks in the sector.

“From a production level of one million bpd when we began, we have boosted output to 1.8 million bpd, including condensates. We continue to aspire for even greater heights,” Lokpobiri said on his X handle.

The minister also noted that the Tinubu administration had facilitated the $5 billion Final Investment Decision (FID) for the Bonga North project, a deep-water initiative by Shell Nigeria Exploration and Production Company Limited (SNEPCo). The project is expected to produce 110,000 barrels per day at its peak, with first oil anticipated by the decade’s end.

Additionally, Nigeria has been selected to host the African Energy Bank, a $5 billion institution dedicated to promoting investments in the continent’s energy sector. Lokpobiri stated, “This visionary directive by President Bola Ahmed Tinubu has become the cornerstone of our commitment to transforming the oil sector.”

Despite these gains, OPEC’s overall crude production fell in December 2024 by 120,000 bpd, driven largely by supply cuts from