Overview

The document is the National Petroleum Policy of Nigeria, approved by the Federal Executive Council in July 2017. It defines the Federal Government's policy regarding Nigeria's crude oil endowment, establishing medium to long-term targets and strategies for implementation. The policy covers the entire petroleum value chain, including upstream, midstream, and downstream sectors. Key elements include: vision and mission statements, strategic policy objectives, governance and legal framework, fiscal regime, host community development, environmental management, and local content development. The policy aims to maximize value from petroleum resources, ensure energy security, promote sustainable development, and enhance transparency and accountability. Specific targets include increasing oil reserves to 40 billion barrels, boosting production capacity to 3 million barrels per day, and achieving zero gas flaring by 2020. The policy addresses issues such as the need for a new Petroleum Industry Act, restructuring of the Nigerian National Petroleum Corporation (NNPC), and improvement of the business environment to attract investment.

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