Nigerian crude oil production surges to 1.7 million barrels per day

The Federal Government has reported a significant boost in Nigeria’s crude oil production, reaching approximately 1.7 million barrels per day (bpd). This remarkable increase comes in contrast to the 1.1 million bpd recorded in August 2023, and the development was recently disclosed by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil).

In a press session held at his office in Abuja, Minister Lokpobiri emphasized that the central goal of President Bola Ahmed Tinubu’s administration is to raise crude oil production, ultimately augmenting the nation’s revenue. According to him, this increase in production will contribute significantly to addressing various challenges facing the country.

Minister Lokpobiri stated, “We have a sole agenda: to increase crude oil production. Once you increase production, there will be more revenue for Nigeria, which is the recipe for virtually all our problems in this country. We are already increasing production steadily. As of August, it was about 1.1 million bpd, but as of today, it has increased to 1.3 and 1.4 million bpd, exclusive of condensates; if you include condensates, it will be about 1.7 million bpd.”

This surge in oil production is poised to have a substantial impact on Nigeria’s economic well-being, potentially providing much-needed solutions to the nation’s various challenges.