Efforts to Attract More Investment, Promote Divestment, Yielding Results – Lokpobiri
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has disclosed that with the expected $50 billion investments in the oil sector, it is evident that the federal government’s efforts to attract more investment and promote divestment is already yielding notable results.
The Minister made the revelation during an interactive section recently with members of the Nigerian Guild of Editors.
In a statement made available to journalist on Wednesday, the Minister was quoted as saying “Every efforts aimed at ramping up production, are yielding results. And we are not stopping yet.
I shared this during an interactive session with members of the Nigerian Guild of Editors, where I emphasized that the Government is actively working to address all challenges. I urged them to shift the narrative so Nigerians understand that progress is being made.
We have moved production from the 1 million barrels per day (mbpd) I met on the ground to 1.5 mbpd, though our target is to go beyond that, and we are on course. Achieving this has required significant investment from International Oil Companies (IOCs) and Indigenous Petroleum Producers Group (IPPGs), and we are working harmoniously.
Thanks to President Tinubu’s support, we have successfully secured new investment and divestment deals, which the President referenced in his Independence Day speech. These investments are crucial, and we will continue to push forward in this direction.
