The Nigerian Upstream Regulatory Commission (NUPRC) says the Federal Government has reduced the cost of the signature bonus from about 100 million dollars to 10 million dollars in its bid to achieve oil production of 2.5 million barrels per day by 2027.

This was disclosed by Gbenga Komolafe, the Commission’s Chief Executive, at the Nigeria Association of Energy Correspondents (NAEC) Conference 2025 held in Lagos.

According to him, during the 2024 mini-bid round, President Bola Tinubu approved the downward review, allowing investors to commit more resources to field development.

The NUPRC Chief said that the interventions are projected to deliver incremental volumes exceeding one million barrels of oil per day, a key milestone toward achieving the national production target of 2.5 million Barrels of Oil per day by 2027.

He noted that a sustainable rebound also demands secure infrastructure and credible measurement systems.