By Daniel Edu
The Federal Government of Nigeria is striving to boost crude oil production to two million Barrels Per Day (BPD) by the end of the year, according to Mr. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil). He emphasized that addressing insecurity challenges is crucial to achieving this target.
Lokpobiri’s primary objective is to increase oil production, as it remains a major revenue source for the country. While acknowledging the growing role of the non-oil sector in supporting the economy, he pointed out that a significant portion of Nigeria’s foreign exchange earnings still comes from oil.
Currently, Nigeria’s daily oil production has risen from 1.1 million barrels to approximately 1.3–1.4 million barrels. The Minister is determined to further increase production and revenue generation to fund strategic projects within the country.
He is actively engaging with stakeholders, including International Oil Companies and local producers, to identify challenges and develop solutions. While some solutions may not yield immediate results, they will contribute to a framework to address issues in the oil sector.
The Federal Government’s goal is to rebuild investor confidence, reinvigorate the industry, and enhance its competitiveness.
The Abuja Energy Correspondent Association has expressed its readiness for collaboration and looks to work with the Minister to advance the industry’s development.