By Daniel Edu
The Nigerian National Petroleum Company Limited (NNPCL) has set an ambitious goal of producing two million barrels of crude oil per day in 2024, aiming to surpass the current daily output of 1.67 million barrels. This target aligns with the Organisation of Petroleum Exporting Countries’ (OPEC) goal for Nigeria. Mr. Pius Akinyelure, the Chairperson of the NNPCL Board, shared this plan after President Bola Tinubu inaugurated the board in Abuja.
However, Akinyelure acknowledged the challenges, emphasizing the need to address pipeline vandalism and enhance security to combat oil theft. Overhauling the security architecture is seen as crucial to reducing incidents of theft and vandalism, ultimately contributing to a more stable cash flow for the nation.
Nigeria has long struggled with oil theft, leading to substantial economic losses and environmental damage. In 2022, the Senate reported a $2 billion loss to oil theft, revealing that only 66% of the country’s oil production could be effectively guaranteed.
The NNPCL board aims not only to meet the OPEC target but also to position Nigeria as a leader in the oil and gas industry globally. Dr. Eunice Thomas, the only female board member, emphasized the transition from fossil fuels to sustainable green energy, expressing a commitment to providing power for the people of Nigeria and contributing to industrialization.
The newly inaugurated board members include Umar Ajiya as Chief Financial Officer, Ledum Mitee, Mr. Musa Tumsa, and Mr. Ghali Muhammad as Non-Executive Directors. Additional Non-Executive Directors are Prof. Mustapha Aliyu, Mr. David Ogbodo, and Ms. Eunice Thomas.
