- By Nwafor Elizabeth, Yenagoa
Building on the milestones achieved in 2024, the Tinubu administration is quite optimistic that the petroleum sector will sustain its growth this year.
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), says Nigeria’s oil sector witnessed remarkable transformation, driven by a presidential directive to ramp up oil production to a sustainable level.
According to him in a statement made available to TopNews, the directive became the cornerstone of his commitment and that of his team to drive growth and development in the sector, noting that through concerted efforts, the team successfully attracted significant investments, strengthened institutional frameworks, and fostered partnerships with stakeholders both domestically and internationally.
As a result, he said oil production has increased from one million barrels per day (mbpd) to 1.8 mbpd, inclusive of condensates, adding that key achievements in the sector include attracting foreign investment decisions, winning the bid to host the Africa Energy Bank, and sustaining peace across host communities through robust community engagements.
The oil minister stated that the downstream sector has been fully deregulated, ensuring constant availability of petroleum products. Additionally, bureaucratic bottlenecks in licensing have been eliminated, capacity building for indigenous players has been facilitated, and numerous reforms have been introduced.
Lokpobiri expressed optimism about the future, stating that the progress made so far is undeniable, and the accomplishments achieved promise even greater growth and development for the benefit of Nigerians.
