President Tinubu’s security, investment policies boost Nigeria’s oil production — Presidency reveals

The Special Assistant to the President on Social Media, Dada Olusegun, has revealed that the policies taken by President Bola Tinubu to improve security and attract investment has significantly impacted the oil production sector of the country.

He also noted that the administration is set to attract increased investments into the country.

Olusegun also emphasised the substantial rise in OPEC’s target, which has increased from 1.38 million barrels per day (bpd) in 2024 to 1.58 million bpd in 2025.

This was disclosed in a statement via his X page, on Thursday, 23rd of January 2025.

The statement partly reads:

“With the steps being taken by President Tinubu’s administration to improve security and attract investment, Nigeria has seen further growth in its oil production output this year, showcasing its determination to address past challenges and strengthen its position in the global oil market.

“In late 2023, OPEC set Nigeria’s 2024 production target at 1.38 million barrels per day (bpd) but later increased it to 1.58 million bpd, recognizing the country’s efforts to revamp the sector.

“Although Nigeria produced 1.25 million bpd in May 2024—below the target—it marked a significant improvement from previous levels, which had been affected by poor infrastructure, security issues, and lack of investment.

“Reforms and investments are transforming the industry. New laws, improved measures to prevent oil theft, and partnerships with private companies have boosted production capacity.

“In February, a presidential directive aimed at reducing contracting costs and shortening project execution timelines was introduced.

“Tax incentives for deep offshore and onshore production were also announced to stimulate investment in the sector.

“The military has been actively engaged in combating oil theft and protecting critical infrastructure, ensuring increased output.

“Nigeria is working closely with OPEC+ to balance its growth ambitions with global market demands. Voluntary production cuts by key producers like Saudi Arabia and Iraq have stabilized the market, creating a conducive environment for Nigeria to rebuild its industry while improving compliance with production agreements.

“While the administration nearly achieved its target of producing two million barrels per day last year, it successfully met OPEC’s production target. Nigeria is now intensifying efforts to reach an ambitious production goal of four million barrels per day by 2030.

“Although it is still early days, investments continue to flow in, offering optimism as the country forges ahead with its plans.” [CONTINUE READING HERE]>>>>