The Nigerian Upstream Petroleum Regulatory Commission reports that streamlined permitting and faster sales approvals have already begun yielding results. Average crude output reached 1.56 million barrels per day in June, the highest monthly level recorded since April 2020. When combined with condensate production, total output hit 1.735 million barrels, allowing the nation to exceed its OPEC+ quota for two consecutive months.

President Bola Tinubu’s administration has introduced fresh tax incentives to lure capital, a strategy bolstered by ExxonMobil’s decision to drill a new 40,000-barrel-per-day oilfield starting this August. With local producers now controlling 60% of national output, the industry is seeing a surge in activity as companies reactivate mature fields. However, experts warn that relying on legacy assets is insufficient for long-term growth. Achieving the 2030 milestone requires consistent development of new discoveries, sustained capital inflow, and a permanent reduction in the crude theft that has historically plagued the sector.