Nigeria is soon to become a global energy powerhouse, as the country plans to become a net exporter of petroleum products by the end of the year, 2024.
This was disclosed yesterday by the Group Managing Director of NNPC Ltd, Mallam Mele Kyari at an Emergency Interactive Session by the Senate Committee on Finance, led by Senator Muhammed Sani Musa, to discuss issues regarding the economy.
Mallam Kyari based this conclusion on the basis of emerging indicators and developments in the energy sector.
Extolling the leadership of President Bola Tinubu, the GMD noted that the recent growth in Nigeria’s crude oil production was as a result of the President’s executive orders.
These orders, according to the oil man, have helped the NNPC and other stakeholders wage a war on low crude production and the associated handicaps that have occasioned such situations.
It would be recalled that recently, during his keynote presentation at the NOG Energy Week, Mallam Kyari had declared a state of emergency on oil production in Nigeria.
In his message then, Kyari had said that a detailed analysis of assets revealed that Nigeria can conveniently produce two million barrels of crude oil per day without deploying new rigs, but the major impediment to achieving that remains the inability of players to act in a timely manner.
He said the “war” will help NNPC Ltd. and its partners to speedily clear all identified obstacles to effective and efficient production such as delays in procurement processes, which have become a challenge in the industry.
Obviously, it does appear that already the ‘war’ have started reaping dividends going by the GMD’s positive outlook on Nigeria’s increasing stake as a petroleum products net exporter.
