The Federal Government of Nigeria declared on Friday that the country’s oil production has experienced a substantial surge, reaching approximately 1.7 million barrels per day, a significant increase from the 1.1 million barrels per day recorded in August 2023. The announcement was made by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during a press briefing at his office in Abuja.
Lokpobiri outlined the government’s primary objective of boosting crude oil production, emphasizing that an increase in production would lead to higher revenue for Nigeria. He highlighted the crucial role of oil revenue in addressing various challenges faced by the country, stating that Nigeria’s budget is closely linked to the quantity of oil produced.
While acknowledging the growth of the non-oil sector, Lokpobiri stressed the importance of earning sufficient foreign exchange through increased oil production to tackle national issues effectively. He expressed optimism about the sector’s progress, noting that oil production had steadily risen. In August, it stood at about 1.1 million barrels per day, and the current figures indicate a rise to between 1.3 and 1.4 million barrels per day, excluding condensates. When considering condensates, the total production reaches around 1.7 million barrels per day.