- By Nwafor Elizabeth, Yenagoa
Nigeria’s energy sector has witnessed a substantial increase in production, rising from 1 million barrels per day (mbpd) to 1.8 mbpd, including condensates.
This achievement is attributed to significant investments from industry players, facilitated by President Bola Ahmed Tinubu’s decisive leadership in addressing longstanding investment bottlenecks.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, expressed his appreciation for the President’s efforts, highlighting the impact of targeted Executive Orders, the full implementation of the Petroleum Industry Act (PIA), and the deregulation of the downstream sector.
These measures have created an investment-friendly environment, attracting both global and local capital to the energy sector.
The establishment of the Africa Energy Bank has also played a crucial role in galvanizing access to funding, enabling indigenous investors to compete with International Oil Companies (IOCs) across various industry streams.
This momentum is expected to be sustained, driving long-term growth and resilience in Africa’s energy sector.
As Nigeria continues to navigate its energy transition, the country’s commitment to increasing production on a sustainable basis remains a top priority.
