Executive Director of Oando Plc and Managing Director of OER, Alex Ainojie, said scaling the country’s oil production ambition would require more than technical expertise.

He stressed the critical need for strategic collaboration and capital deployment during his plenary session at the Nigeria International Energy Summit (NIES) 2026 in Abuja.

Ainojie said Nigeria has set ambitious production targets, aiming for two million barrels in the near term and three million barrels in the medium term.

He noted that the ambitions are often presented without a clear view of the costs involved.
“What we do not see often right next to those ambitions is the cost and how much it’s going to take,” he said.
While Nigeria has the technical capacity, Ainojie cautioned that financing remains the major bottleneck.

“The technical part we’ve always been good at. That’s one thing no one can take away from us. As a country executing, we can do that work. The question is having the capital to back that execution,” he said.

He suggested exploring alternative mechanisms, including government-to-government (G2G) support and increased engagement with Eastern countries, to unlock the capital necessary for growth, as traditional sources of funding, including multilateral institutions, trading firms and reserve-based loans, may not be sufficient to achieve the scale needed.

Ainojie also called on international oil companies to reconsider investment strategies, advocating for “patient capital” that accounts for the gestation periods, technical challenges, and risks inherent in large-scale oil projects, noting the need for long-term commitment to support national development objectives.

He added that governance, regulatory clarity, and synchronised collaboration between operators and government agencies are important.
He said companies must create structures attractive to international financiers while reducing carbon footprints.
“The element of having operations that are heavily reduced in our carbon footprints is not new. We understand that perspective and the work that needs to be done,” he said, adding that alignment with regulators and the NNPC is essential.

Indigenous companies, Ainojie noted, have a track record of growth and innovation. “We don’t give ourselves enough credit. Indigenous companies, whether it be Renaissance or others, have come from well-trained, ambitious entrepreneurs who have learned from the best,” he said.

Ainojie also detailed ongoing efforts to enhance coordination across the industry.
He emphasised that the future of Nigeria’s oil sector cannot be driven by single initiatives.