By Daniel Edu
The Federal Government revealed on Friday that Nigeria’s daily oil production has surged to approximately 1.7 million barrels per day, a notable increase from the 1.1 million barrels per day recorded in August 2023. This announcement was made by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during a media briefing at his office in Abuja.
Minister Lokpobiri emphasized the primary objective of the government, which is to enhance crude oil production. He highlighted the critical role of increased production in boosting revenue for Nigeria and its potential to address various challenges facing the nation.
He stated, “Our sole agenda is to increase crude oil production. When production increases, it generates more revenue for Nigeria, and that is the solution to most of the problems we face in this country.”
Nigeria’s heavy reliance on oil is evident in its budget, which is heavily dependent on the volume of oil production. While acknowledging the growth of the non-oil sector, Lokpobiri stressed that the country needs to earn sufficient foreign exchange to address its challenges.
He continued, “A substantial part of our foreign exchange comes from the oil sector. My ambition is to lead the sector in increasing production and securing additional revenue for funding vital national projects.”
The Minister further reported that the country’s oil production has been steadily increasing. In August, it stood at around 1.1 million barrels per day, but the latest figures indicate a rise to between 1.3 and 1.4 million barrels per day, excluding condensates. When condensates are included, the total daily production is estimated to be around 1.7 million barrels.
