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By enhancing domestic energy security and supporting economic vibrancy, this initiative will ensure Nigeria remains a crucial player in the global energy landscape.” Minister of State for Petroleum Resources (Oil), SenatorHeineken Lokpobiri, expressed that while the additional one million barrels per day target is a positive step, it falls short of Nigeria’s potential.
He urged stakeholders to aim higher, suggesting that production should return to levels of 2.5 million barrels per day in the short term, with a long-term goal of reaching four million barrels per day.
Chairman of UBA Group,Tony Elumelu, echoed the need for modernization, pointing out that Nigeria’s oil production has steadily declined from over two million barrels per day to less than 1.5 million.
We should be aiming for 2.5 million in the short term and four million barrels per day in the long term,” he stated.
TheNigerian Upstream Petroleum Regulatory Commission(NUPRC) reported a slight dip in production, with output falling from 1.571 million barrels per day in August to 1.544 million in September, a 1.68% decline.
“For a country that once produced over two million barrels per day, the present additional one million target is unacceptable..
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