Oando Advocates Policy Alignment, Capital Injection to Hit 3m bpd Target

Peter Uzoho

Oando Plc, has said sustaining the current momentum in the country’s oil and gas sector and meeting the ambitious 3 million barrels per day target by 2030 rests on a number of issues including a collaborative policy, aligned governance, and credible capital.

Speaking at the just-ended Nigeria International Energy Summit (NIES) 2026 in Abuja, Managing Director, Oando Energy Resources, Dr. Ainojie ‘Alex’ Irune, emphasised that ambition alone is no longer enough to drive growth.

“But ambition alone is no longer the differentiator. What matters now is whether these targets are backed by coherent policy, credible governance, and capital pathways that align companies, regulators and the state,” Irune said.

He stressed that Nigeria’s constraints are no longer rooted in technical capability, but rather in the surrounding architecture: internal corporate governance, regulatory clarity, and institutional coordination across the ecosystem.

Irune highlighted the need for a broader capital ecosystem, blending traditional financing with government-to-government frameworks, multilateral support, and renewed engagement with international oil companies.

“Capital follows alignment,” he added. “Investors are not only assessing asset quality, but also the coherence of the policy and institutional environment in which those assets sit”.

The Oando executive also challenged lingering perceptions about indigenous operators, citing companies like Oando, Seplat, and Renaissance as examples of well-trained professionals who understand global operating environments and international finance demands.

He emphasised that these companies have the capacity to execute complex projects, but require a supportive policy environment to thrive.

To sustain Nigeria’s upstream momentum, Irune emphasised the importance of collaborative policy, disciplined commercial choices, and projects designed to strengthen the wider ecosystem.

He noted that regular engagements between operators, regulators, and the national oil company were beginning to institutionalise dialogue around challenges, ambitions, and performance gaps. “This is a critical departure from the fragmented decision-making of the past,” he said.

Irune believes that Nigeria’s next phase of upstream growth will be driven by collaborative efforts, rather than individual company success stories alone.

Irune also highlighted the role of international oil companies (IOCs) in Nigeria’s energy landscape.

He emphasised that IOCs remain critical partners in the country’s upstream sector, bringing technical expertise, capital, and global best practices.

However, he noted that IOCs are increasingly scrutinizing their investments in Nigeria, and require a stable and supportive policy environment to commit capital. The Oando executive cited examples of successful collaborations between indigenous operators and IOCs, which have led to significant investments and production growth.

He emphasised that these partnerships are essential to unlocking Nigeria’s upstream potential and driving economic growth. To achieve Nigeria’s production targets, Irune stressed the need for a comprehensive approach that addresses policy, capital, and execution challenges.

He called for a national energy policy that provides clarity and stability, enabling companies to invest with confidence.

Irune warned that Nigeria risks missing the opportunity to convert its upstream ambitions into sustained global relevance without alignment across policy, capital, and execution.

“Without that alignment, Nigeria risks missing the opportunity to convert its upstream ambitions into sustained global relevance,” he said.

As Nigeria navigates its energy future, he said the onus is on policymakers, regulators, and industry stakeholders to work together to create a conducive environment for investment and growth.

He added that with the right policies and partnerships in place, Nigeria can unlock its upstream potential and drive economic growth for the benefit of its citizens.

The NIES 2026 provided a platform for industry stakeholders to discuss the country’s energy future. The summit highlighted the need for collaborative efforts to drive growth and development in Nigeria’s upstream sector.