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Nigeria To Earn More Revenue As Oil Production Hits 1.7million Barrels Per Day – Minister




The Federal government of Nigeria on Friday announced that oil production has increased to about 1.7 million barrels per day, up from the 1.1mbpd last recorded in August 2023.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this at his office in Abuja on Friday.

In his words, “We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that go a long way to solve the problems we have in this country.
“You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough forex.
“And a substantial part of our forex comes from the oil sector. So, my ambition is to see how I can lead the sector to increase production and how we can get more revenue to be able to fund strategic national projects.

He added by saying, “We are already increasing production steadily. As of August, it was about 1.1mbpd, but as at today it has increased to between 1.3 and 1.4mbpd exclusive of condensates, if you include condensates, it will be about 1.7mbpd.”

What do you think about this new improvement?