President Bola Tinubu has urged industry stakeholders to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to achieve its One Million Barrels Oil Per Day (1MMBOPD) Initiative. This announcement was made on Monday during the inauguration of the project and the commemoration of NUPRC’s third anniversary under the Petroleum Industry Act (PIA 2021) in Abuja.
Tinubu emphasized that the initiative aims to develop alternative funding mechanisms to boost oil production in the short to medium term, creating opportunities for various industry stakeholders. Represented by Sen. George Akume, Secretary to the Government of the Federation, he called on all relevant parties—including government agencies, major producers, service providers, financiers, and host communities—to work together towards achieving set production targets.
He highlighted the potential benefits of the initiative, stating, “These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months.” The president underscored that increasing oil production would not only expand government revenue but also help eradicate poverty and boost Nigeria’s Gross Domestic Product (GDP).
Tinubu also noted that since his administration took office, it has introduced policy reforms aimed at fostering stability, growth, and sustainability in the oil sector. He reaffirmed his commitment to economic diversification and a focus on decarbonization while continuing to leverage the oil and gas industries for national development