The Minister of Petroleum (Oil), Heineken Lokpobiri, has hailed President Bola Ahmed Tinubu for his efforts at securing over $50 billion worth of investment commitment in the oil sector.
Speaking during an interactive session with members of the Nigerian Guild of Editors on Wednesday, the Minister said the investment is evidence of the Federal Government and the ministry’s efforts at improving the economic productivity of the sector.
He revealed that with investments from International Oil Companies (IOCs) and Indigenous Petroleum Producers Group (IPPGs), the country has already increased production from one million barrels per day to 1.5 million per day.
The Minister reaffirmed the government’s willingness to continue working harmoniously with both International and indigenous firms.
He said“With $50 billion in investments expected, it is evident that our efforts to attract more investment and promote divestment in the oil sector, aimed at ramping up production, are yielding results. And we are not stopping yet.
“We have moved production from the 1 million barrels per day (mbpd) I met on the ground to 1.5 mbpd, though our target is to go beyond that, and we are on course. Achieving this has required significant investment from International Oil Companies (IOCs) and Indigenous Petroleum Producers Group (IPPGs), and we are working harmoniously.
“Thanks to President Tinubu’s support, we have successfully secured new investment and divestment deals, which the President referenced in his Independence Day speech. These investments are crucial, and we will continue to push forward in this direction,” Lokpobiri said.
