Nigeria’s Oil Dreams: How $5.5 Billion Investment Could Unlock 3 Million Barrels Per Day

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Nigeria must invest $5.5 billion in decentralised oil terminals to unlock thousands of stranded oil fields and increase crude oil production to three million barrels per day, according to Prof. Anthony Adegbulugbe, Chairman of Green Energy International Ltd. (GEIL). GEIL recently unveiled a 350,000-bpd capacity onshore terminal in Port-Harcourt, which stakeholders believe will enable indigenous oil producers to access previously stranded fields.

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“This terminal is more than steel and pumps; it is a symbol of hope, opportunity, and a promise to local communities,” Adegbulugbe said. “It proves Nigerian companies can execute world-class projects and lead industry transformation.” He emphasised the need for strong alliances between the Nigerian National Petroleum Company Limited (NNPC) and local operators to achieve this goal.

The terminal, which cost $400 million, is technically and regulatoryly ready, with the first export vessel expected soon. However, Adegbulugbe noted that Nigeria’s problem is not reserves but infrastructure. “To jump from two to three million barrels per day, we need capacity for an extra 1.2 million barrels. Green energy alone will not close the gap; we need at least four more terminals like this,” he said.

Energy expert Dr. Kayode Adegbulugbe added that decentralising oil infrastructure is crucial, with coastal hubs along the Niger Delta allowing small fields to connect for processing and export. “No other Nigerian terminal can accept crude by truck, barge, river, Atlantic, and pipeline. We are ready today to handle all four,” he said.

Fidelity Bank’s Head of Energy and Power, Emeka Nkemakolam, urged marginal field operators to revisit stranded assets, saying the new facility offers a cost advantage that could transform previously unviable projects. “Our backing is not transactional; it is foundational. We have long supported indigenous operators, helping raise the millions needed to bring assets into production, and we will stay committed as they transition to new infrastructure,” he said.

The investment in decentralized oil terminals could help Nigeria increase production from two to three to five million barrels daily over the next five years, according to Fidelity Bank

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