The Federal Government said on Friday that Nigeria’s oil output has grown to approximately 1.7 million barrels per day, up from 1.1 million barrels per day in August 2023.
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), made the announcement during a press conference at his office in Abuja on Friday.
“We have a single agenda, and that is to increase crude oil production,” he stated. Increased output means more revenue for Nigeria, which is the solution to practically all of the country’s issues.
“You know that Nigeria is very dependent on oil; our budget is always based on how many barrels of oil we produce.” Although the non-oil sector is thriving, we need adequate forex to tackle our difficulties.
“And a sizable portion of our forex comes from the oil sector.” So my objective is to see how I can lead the sector to enhance output and revenue in order to support critical national projects.
“We are already steadily boosting output. It was approximately 1.1mbpd in August, but it has since climbed to between 1.3 and 1.4mbpd exclusive of condensates; if condensates are included, it will be approximately 1.7mbpd.”