HomeBusinessNigeria Now Produces 2.6 Million Barrels of Oil Daily - Jonathan

Nigeria Now Produces 2.6 Million Barrels of Oil Daily – Jonathan


Total's offshore crude production facility in Nigeria

President Goodluck Jonathan has said that Nigeria now produces 2.6 million barrels of oil per day due to ongoing economic reforms embarked upon by the Peoples Democratic Party, PDP-led Federal Government.

Jonathan who stated this at the 2012 PDP National Convention held in Abuja on Saturday, said in the last 13 years, PDP governments had also carried out far-reaching reforms in the various sectors of the economy to serve as building blocks for sustainable development. He said the government intended to grow capacity in local production and improve the quality of service delivery.

The President, who was represented by Vice President Namadi Sambo, said the government was at various levels involved in the implementation of reform policies in key sectors of the economy.

He said: “I assure you that very soon, tangible results will begin to come in for Nigerians to appreciate some of the tough decisions we have had to take in the last two years to improve the quality of life of our citizens. In recent times, the economic reforms implemented by the PDP administration led to increase in our oil production, up to 2.6 million barrels per day.”

The President who noted that the implementation of the local content policy in the oil and gas sector was also helping to grow indigenous capacity, maintained that investments were being encouraged in the power sector, while a comprehensive roadmap for the power sector was being implemented to stabilise power supply in the country.

He said: “We are rehabilitating all our hydro-power plants for optimal capacity utilisation, alongside the construction of 10 power plants of which three will be commissioned this year.

“This is in addition to renewing our transmission and distribution capacity to ensure adequate power supply to all parts of the country.”

The President said the government had resolved to make Nigeria a major player in the international gas market through the implementation of the Nigerian Gas Master-Plan.

He said already, “the country had designed a framework for the expansion of gas infrastructure within the domestic market to boost commercial exploitation of gas for domestic consumption and export.”

He noted that the master plan was a roadmap to fully harness the nation’s gas potentials and meet challenges of gas supply to power plants nationwide.

He said: “The diversification of the economy is progressing steadily with sustained increase in non-oil GDP growth, particularly through agricultural production. Our country has continued to record favourable ratings from international credit agencies due to the success of our economic reform programmes.”

Jonathan noted with delight that “Nigeria’s exit from the Paris Club, a feat achieved under a PDP-led administration, has freed more resources that now go into investment in human capital and economic development annually.”

He assured that the PDP-led government would continue to expand the frontiers of reforms to consolidate on the successes recorded by previous regimes.

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