From Nwafor Elizabeth, Yenagoa
The Nigerian government has reaffirmed its commitment to increasing crude oil production to 2 million barrels per day (mbpd) in 2025.
This target is crucial for fulfilling the proposed 2025 National Budget, and the government is confident in its ability to meet and exceed this benchmark.
According to Sen. Heineken Lokpobiri, Ph.D., significant progress has been made in crude oil production over the past year. From a baseline of 1 mbpd, inclusive of condensate, production has successfully scaled up to 1.8 mbpd.
He noted that this accomplishment demonstrates the country’s capacity and readiness to meet the 2025 crude oil production target.
He reiterated government’s commitment to increasing oil production is part of its broader strategy to drive sustainable economic growth, adding that with renewed strategies and collaborative efforts, Nigeria is poised to achieve this year’s production target of 2 mbpd and above.
Lokpobiri emphasized that the proposed 2025 National Budget is approximately N47.9 trillion, a significant increase from the 2024 budget of N35 trillion as according to him meeting the oil production target of 2 mbpd is critical to supporting this budget and ensuring the country’s economic growth and development.
