Nigeria aims to raise oil output by 60% to 2.7 million bpd by 2027, a presidential adviser said.Nigeria plans to boost oil output to 2.7 million bpd by 2027, combining crude and condensate to stay within its OPEC+ quota, says energy adviser Olu Verheijen. Improved security is driving the increase.Verheijen noted that condensate is exempt from OPEC limits, aiming to showcase capacity for a higher quota.
Nigeria’s output rose from 1.1 million bpd in 2022 to 1.67 million in December, as the nation seeks more revenue to tackle economic challenges.According to Verheijen, Nigeria is also on track to become a net exporter of oil products, thanks to the increasing production from a refinery owned by billionaire Aliko Dangote.
She described this goal as an ambitious but worthwhile target for the country. The removal of fuel subsidies, she added, has played a significant role in making the downstream sector more attractive to investors, creating new opportunities for refinery investments.
Verheijen explained that the removal of subsidies has made the downstream oil sector commercially viable for the first time in decades. This shift has encouraged renewed investment in refineries, a sector that had previously been considered unprofitable.
With the new dynamics in place, Verheijen believes that investments in refining capacity are now not only feasible but also sensible.
