Nigerian Government Reveals 1.7 Million Barrels/Day Oil Production, The Federal Government of Nigeria has officially declared an upsurge in the country's daily oil production to approximately 1.7 million barrels per day, marking a notable increase from the 1.1 million barrels per day reported in August 2023.
Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), welcomed this development, emphasizing its significance for the nation's revenue. Speaking to the press at his office in Abuja, he highlighted the pivotal role of oil in Nigeria's economy, noting that the national budget is heavily reliant on oil-related income.
Lokpobiri stated, "Our primary goal is to boost crude oil production. Increasing production leads to higher revenue for Nigeria, and this is a fundamental solution to many of our national challenges. Nigeria's dependency on oil is well-known, with a substantial portion of our foreign exchange earnings originating from the oil sector."
He further added, "While the non-oil sectors are showing promise, to effectively address our issues, we must generate sufficient foreign exchange. Oil remains a significant source of foreign exchange, and my objective is to lead the sector in increasing production to generate more revenue, supporting vital national projects."
Lokpobiri affirmed that Nigeria's oil production has been steadily increasing. In August, it stood at approximately 1.1 million barrels per day, but at present, it has surged to between 1.3 and 1.4 million barrels per day, excluding condensates. When condensates are factored in, the daily production rate reaches around 1.7 million barrels, showcasing a promising trajectory for the nation's oil sector.
Federal Government, Daily Oil Production, Heineken Lokpobiri, Revenue, Nigerian Economy, National Budget, Foreign Exchange, Economic Dependency, National Projects, Crude Oil Sector, Oil Industry, Oil Production Surge, Nigeria's Oil Sector, Petroleum Resources, Oil Minister, Condensates, Economic Growth, Energy Sector, Oil Revenue, Energy Production.
Related
- Understanding Unemployment in Nigeria: Causes and Solutions
- BII Invests $26.5 Million in AFEX to Revolutionize Agriculture in Nigeria and Beyond
- Saudi Arabia Broadens Its Investor Visa To Encompass All Nations, With An Online Application Now Available
- World Bank Issues Caution on Rising US Interest Rates and Emerging Market Debt Crisis
- FG opens cassava processing plant in Ondo, creating 1,000 jobs
Have a question? Ask now!
Follow us on Instagram!