Nigeria’s Minister of State for Petroleum Resources in charge of Oil, Mr. Heineken Lokpobiri, has said that the Nigerian Government attracted foreign investors to boost oil production to 1.8 million barrels per day.
The minister said in a statement that oil production rose from one million barrels per day in 2023, to the current level of 1.8mbpd, including condensates.
According to the minister, the presidential directive to ramp up oil production to a sustainable level kick-started the journey of transformation in the Nigerian 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 said.
He 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 said.
“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.
Speaking on some of the achievements of his ministry, the minister 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 added.
GIK/APA