By Akinsuroju Olubunmi
Nigeria to export petroleum by December
The Group Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has announced that Nigeria is on track to become a net exporter of petroleum by December. This statement was made on Monday at the National Assembly, where key stakeholders, including the Ministers of Finance, Wale Edun; Budget and National Planning, Senator Atiku Bagudu; Minister of State Petroleum, Senator Heineken Lokpobiri; and the Governor of the Central Bank, Olayemi Cardoso, met with the Senate Committee on Finance, led by Senator Sani Musa.
Kyari highlighted the revival of the economy based on emerging indicators. He noted that the Port Harcourt Refinery would start production early next month, followed by the Warri Refinery in subsequent months, and the Kaduna Refinery by December. He also mentioned that Nigeria’s oil production level would soon hit 2 million barrels per day.
He stated, “We have already seen growth in our oil and gas production due to certain actions taken by Mr. President and our declared war on production activities, which is yielding results. We believe we will soon reach the target of 2 million barrels of oil production per day.”
Kyari added, “This country will be a net exporter of petroleum products by the end of this year, thanks to the combined production from us and the Dangote refinery, along with other smaller producers.”
The stakeholders reassured that the ailing economy is being revitalized, with the CBN Deputy Governor (Economic Policy), Muhammad Sani Abdullahi, noting that inflation, foreign exchange rate fluctuations, and food inflation are expected to decrease soon.
Minister of Budget and National Planning, Atiku Bagudu, confirmed the implementation of the 2024 budget and ongoing negotiations on the minimum wage to avoid further economic disruptions. Senator Sani Musa appealed for patience, emphasizing that the government is working to stabilize the economy and urging Nigerians to support the president’s efforts.
Nigeria to Export Petroleum by December