Why Nigeria oil production is going down-FG

Minster of State for Petroleum Resource (Oil), Heineken Lokpobiri has said maintenance carried out along some important pipelines and other challenges are the reason by oil production has gone down in the first square of 2024.

In a statement by the Minister’s Special Assistant, Media and Communications, Nneamaka Okafor, Lokpobiri said the government is going all it best to restore the production back to previous level of 1.7million barrels production per day and also exceed it.

According to the statement: “In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minster of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, assures that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it,” as reported by Daily Trust.

“This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget,”he stated.