Nigeria’s federal government has set an ambitious goal to ramp up daily oil production to 2.3 million barrels by mid-2025, according to Defence Minister Mohammad Badaru Abubakar.
During a visit to the Nigerian Army’s 6th Division Barracks in Port Harcourt, Abubakar credited the military’s ongoing efforts to curb crude oil theft in the Niger Delta and strong support from the presidential administration for driving the projected increase.
Abubakar highlighted recent gains in production, noting that output had already risen from 1.4 million barrels per day to between 1.6 and 1.7 million.
READ ALSO: Nigeria’s 2024 oil and gas licensing round set to unlock vast hydrocarbon potential
He expressed optimism that the upward trend would continue, forecasting that production could hit 1.9 to 2 million barrels per day by the end of 2024.
“With the current measures in place and the commitment of the Armed Forces, Chief of Defence Staff, and service chiefs, alongside the President’s backing, we are confident that oil production will reach 2.3 million barrels per day by mid-next year,” Abubakar stated.
The increase in production, he added, is crucial for Nigeria’s economic recovery and stability, underscoring the importance of continued military efforts to secure oil infrastructure and prevent theft in the oil-rich Niger Delta.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
