According to the Nigerian Content Development and Monitoring Board (NCDMB), the country’s poor production and falling earnings in foreign currency are due to a lack of investment in the oil sector.
On Wednesday, NCDMB Executive Secretary Engr Simbi Wabote shared this information during a meeting with media representatives.
He emphasized that the country’s production capacity has been hampered not only by crude oil vandals but also by the lack of investment in the oil and gas sector.
The terrible theft of our crude oil by vandals is not the main reason for Nigeria’s low production levels and the fall in our foreign exchange revenues, despite what the general public may believe.
According to him, “the lack of major investments over the past decade, declining oil production from aging oil fields, and the clamor for an energy transition caused international oil companies to cut back on new projects” all contribute to the production gap in his country.
According to the BANKPAWA Nigeria’s oil production in August 2023 was 1,269,00 barrels per day, well below the country’s 2023 budget oil target of 1.69 mbpd.