ABUJA, Nigeria (BG) — Public and private sector leaders have joined forces to drive Nigeria’s oil production growth as industry executives, policymakers, and investors gathered at the Petroleum Industry Leadership Dialogue hosted by Heirs Energies in Abuja.

The forum featured key industry figures, including Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, Heirs Energies said in a statement on Monday.

Lokpobiri announced that Nigeria’s oil production had reached 1.8 million barrels per day in January 2025, with a goal of 2.5 million barrels per day by year-end.

He reaffirmed the administration’s commitment to the “drill or drop” policy to accelerate production.

“Production growth, ambitious and sustained, is our shared national mission,” said Tony Elumelu, Chairperson of Heirs Energies.

“As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution,” he added.

Industry executives highlighted the impact of recent Presidential Executive Orders, which have reshaped the sector and boosted crude production by 25% since May 2023.

According to Heirs Energies, Indigenous oil and gas companies now account for more than 60% of Nigeria’s crude output.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, praised the initiative.

“I thank Heirs Energies for this beautiful initiative… a commitment to achieving our national objective in the upstream sector,” Gbenga said.

He noted that active drilling rigs have surged to 38, with projections to reach 50 by March 2025.

Heirs Energies has increased its production from 21,000 to over 50,000 barrels per day in just four years and has stressed its commitment to sustainability, security, and community partnership.

The dialogue, now set to become an annual event, reaffirmed Nigeria’s commitment to expanding production while ensuring environmental responsibility and economic benefits for Nigerians.