It’s good news at the ongoing Oil and Gas Conference holding in Abuja as the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu revealed that Nigeria is currently targeting crude oil output of 3m barrels per day within the next five years.
This is surely attainable if the current growth rate is sustained. You will recall that the country has just just crossed over 2.1m bpd and barring any unforeseen circumstances, things will keep getting better.
However, the minister said the industry would have to inject as much as $10bn for the next five years for the projected 3 million barrels per day to be attainable.
You will recall that the steady growth we are currently witnessing could be traced to the peaceful dialogue the Nigerian government is having with the Niger Delta militants, a group that brought the country to her knees mid last year. Experts are of the opinion that the current growth is sustainable if both parties keep to their words,
Share your thoughts on what more could be done to sustain current growth.
[pt_view id=”abaaee9arp”]