The Nigerian government has set its sights on increasing crude oil production to two million barrels per day (bpd) by the end of the year, according to Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil).
Lokpobiri expressed confidence in achieving this goal, highlighting that an increase in production would generate more revenue for the country.
The minister acknowledged that Nigeria remains heavily reliant on oil for its foreign exchange earnings and stressed the importance of improving the oil sector’s performance.
Lokpobiri reported that there had already been a steady increase in production, with figures rising from 1.1 million bpd to 1.3-1.4 million bpd. He further emphasized the ongoing efforts to address challenges in the sector and the engagement of stakeholders, including International Oil Companies and local producers, to identify and tackle issues causing shortfalls in production.
The Minister’s long-term vision is to rebuild investor confidence, improve the competitiveness of the Nigerian oil industry, and drive growth and revenue in the sector.
The increase in oil production and revenue is crucial for Nigeria, given its dependency on oil exports as a major source of foreign exchange income. The government aims to diversify the economy, but oil exports continue to play a significant role.