Nigeria’s crude oil production has increased from 1.2mb/d to 2mb/d, according to All Africa.
As informed on Premium Times, Nigerian National Petroleum Corporation’s (NNPC) Managing Director, Maikanti Baru, noted that the boost in production comes in line with the federal government’s plan to increase the Nigerian crude oil output to 3mb/d in the near future.
Baru’s statement to the media came after his private meeting with the Nigerian President, Muhammadu Buhari, where the two parties discussed the activities of the corporation and its subsidiaries.
The Managing Director futher explained that the increase was due to the peace and stability recorded in the Niger Delta region. The activities of militants in the region has been affecting the Nigerian oil production negatively, however, negotiations with the aggrieved militants enabled Nigeria to increase its production again.
The increase in output will enhance Nigeria’s economy, which mainly depends on oil proceeds to fund its budget and execute capital projects.