The Strategy Behind Nigeria’s Oil Production Boost – Lokpobiri
Minister of State for Petroleum Resources, Heineken Lokpobiri, has revealed the Federal Government’s strategy to attract foreign investors, resulting in a significant boost to Nigeria’s oil production.
From one million barrels per day in 2023, Lokpobiri stated that oil production has now risen to 1.8mbpd, including condensates.
In a statement on Monday, the oil minister disclosed that the presidential directive to ramp up oil production to a sustainable level kickstarted the journey of transformation in the oil sector.
“This visionary directive by President Bola Tinubu, as broad as it was, became the cornerstone of my commitment and that of my team,” he noted.
The former senator explained that he and his team members embraced the directive wholeheartedly by engaging stakeholders at home and abroad.
“We embraced it wholeheartedly, engaging stakeholders both domestically and internationally to build synergy and foster partnerships.
“Through these efforts, we successfully attracted significant investments and strengthened institutional frameworks, driving the remarkable transformation we see today in the sector,“ he stated
“From the production level of 1mbpd when we began, we have boosted output to 1.8mbpd, inclusive of condensates, and continue to aspire for even greater heights,“ he noted.
He listed the Africa Energy Bank as one of the achievements of this administration.
“Our achievements include attracting foreign investment decisions, winning the bid to host the Africa Energy Bank, sustaining peace across host communities through robust community engagements, and fully deregulating the downstream sector, ensuring constant availability of petroleum products.
“We have also eliminated bureaucratic bottlenecks in licensing, facilitated capacity building for indigenous players, and introduced numerous reforms too extensive to list.
“Reflecting on this journey, it is evident we have made remarkable strides. From where we started to where we are now, the progress is undeniable. With these accomplishments, the future promises even greater growth and development for the benefit of Nigerians,” he stated.
