The Federal Government reported on Friday that Nigeria’s oil production had climbed from 1.1 million barrels per day in August 2023 to over 1.7 million barrels per day.
According to The Punch, the Minister of State for Petroleum Resources, Heineken Lokpobiri, said this during a meeting with journalists on Friday at his office in Abuja.
He declared, “Our only goal is to raise crude oil production. The solution to almost all of Nigeria’s problems is to raise production because doing so will increase revenue for the nation.
“You understand how heavily dependent Nigeria is on oil; in fact, our budget is always based on how many barrels we produce. Even if the non-oil economy is booming, we still need to make enough foreign currency to fix our concerns.”
He claimed that it is his desire to lead the sector in order to improve production and generate more income to support important national projects seeing that a sizable portion of Nigeria’s foreign exchange comes from the oil sector.
“We have already started to gradually increase production. When you include condensates, it will be roughly 1.7 mbpd as opposed to the 1.1 mbpd it was in August. As of today, it is now between 1.3 and 1.4 mbpd.”
