The Federal Government made a significant announcement on Friday, revealing that Nigeria’s oil production has experienced a remarkable uptick, reaching approximately 1.7 million barrels per day, a substantial increase from the 1.1 million barrels per day recorded in August 2023. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, shared this promising development during a session with journalists at his office in Abuja.
Lokpobiri emphasized the government’s primary objective: to boost crude oil production. By achieving this, Nigeria can unlock increased revenue, potentially addressing numerous challenges facing the nation. Nigeria’s heavy reliance on oil is evident, with its national budget often hinging on oil production figures. While the non-oil sector is making progress, the key to solving the country’s problems lies in generating sufficient foreign exchange.
The Minister underscored the significance of the oil sector, explaining that a substantial portion of Nigeria’s foreign exchange earnings is derived from oil. With the ambition to lead the sector in increasing production, the government aims to generate more revenue to fund essential national projects.
The encouraging news is that oil production is on a steady rise. In August, production levels stood at around 1.1 million barrels per day, but as of now, they have surged to between 1.3 and 1.4 million barrels per day, not accounting for condensates. If condensates are included, the total oil production reaches approximately 1.7 million barrels per day.
This boost in oil production holds the potential to bolster Nigeria’s revenue prospects, providing a lifeline for financing crucial national projects and strengthening the economy.