Nigeria’s Oil sector has made significant progress since President Bola Tinubu took over the reins of power in less than two years.
The averment was made by Nigeria’s Oil Minister, Senator Heineken Lokpobiri, in a statement on Monday.
Lokpobiri explained that the progress in the oil sector was spurred by the president’s directive to ramp up oil production to a sustainable level upon assuming office.
He narrated that the President’s directives were immediately acted upon including building synergy and fostering partnerships to achieve the now transformative oil sector.
He stated that from a production level of 1mbpd when they took over, the country can now boost of a production output of 1.8mbpd.
The minister also said amongst other achievements, the Tinubu-led administration has also attracted foreign investment decisions, winning the bid to host the Africa Energy Bank, sustaining peace across host communities through robust community engagements, as well as fully deregulating the downstream sector.
His words: “With the Presidential directive to ramp up oil production to a sustainable level, the journey of transformation in our oil sector began. This visionary directive by President Bola Ahmed Tinubu, as broad as it was, became the cornerstone of my commitment and that of my team.
“We embraced it wholeheartedly, engaging stakeholders both domestically and internationally to build synergy and foster partnerships. Through these efforts, we successfully attracted significant investments and strengthened institutional frameworks, driving the remarkable transformation we see today in the sector.
“From the production level of 1mbpd when we began, we have boosted output to 1.8mbpd, inclusive of condensates, and continue to aspire for even greater heights.
“Our achievements include attracting foreign investment decisions, winning the bid to host the Africa Energy Bank, sustaining peace across Host Communities through robust community engagements, and fully deregulating the downstream sector, ensuring constant availability of petroleum products.
“We have also eliminated bureaucratic bottlenecks in licensing, facilitated capacity building for indigenous players, and introduced numerous reforms too extensive to list.
“Reflecting on this journey, it is evident we have made remarkable strides. From where we started to where we are now, the progress is undeniable. With these accomplishments, the future promises even greater growth and development for the benefit of Nigerians.”
