With determination, Nigeria’ll overcome her low crude oil production – Otti …assures joint monitoring team of support
From Boniface Okoro, Umuahia
Abia State Governor, Dr. Alex Otti, says with determination, Nigeria has the capacity to overcome problems responsible for low crude oil production in the country, noting that the issues militating against full capacity crude oil production in the country were man-made.
Governor Otii stressed that restoring Nigeria to its full capacity crude oil production level was a task that must be accomplished because Nigeria’s economy was strongly tied to its level of crude oil production, adding that Nigeria could not confront her numerous challenges if it does not exporting enough crude.
The Abia Governor spoke on Tuesday, October 22, 2024, in his Umuehim Nvosi Country home, in Isiala Ngwa South of the state, when he received in audience, a delegation from the Defence Headquarters Joint Monitoring Team, led by Major-Gen. JAL Jimoh, which paid him a working visit.
Governor Otti decried the drastic drop in crude oil production in Nigeria, which, according to him, formed part of his discussion in a recent visit to the National Security Adviser.
He said that the numbers available to him between June, July and August, put the average oil production level somewhere around 1.4 million barrels per day, noting that it was far below Nigeria’s crude oil quota of 2.2 million barrels per day, but recalled that 20 years ago, Nigeria’s crude oil production capacity was about 2.5 million barrels per day.
“Around 20 years ago, I believe that was in 2005, our production capacity, not even the quota, was about 2.5million barrels a day. So, the difference between 2.5 million barrels and 1.4 barrels also speaks to the challenges because if you are not exporting enough oil, you are not going to generate enough foreign currency to deal with all the issues that we have in the country,” the Governor stated.
He explained that because Nigeria’s economy is presently largely import dependent, the crisis in the foreign exchange market today can be tamed by a simple improvement in the quantity of oil Nigeria produces and exports, noting that it is a demand and supply situation. “If supply is weak and demand is high, prices will keep going up,” he said.
He assured the team of the State government’s support to help them to succeed in their assignment.
“We have everything that it takes, all the problems are man-made problems, be it the oil theft, be it the crisis, insurrection in the Niger Delta. And, I believe that with determination and a lot of efforts that you are making, we will tame this oil theft so that our country will improve in terms of foreign exchange receipts and reduce the insurrection we have everywhere.”
“So, I’m fully in support of what you are doing, and I will give you every support that is possible from government, and I will also encourage you to work with your colleagues (the State Security Heads). If there is anything you think they can do, they are all a phone call away. They are your colleagues; work with them so that we can together make a success out of this assignment,” he said.
Earlier in his speech, the leader of the monitoring team, Major Gen. JAL Jimoh, said that the recently reconstituted Joint Monitoring Team has been charged with carrying out oversight on some of the most pressing challenges faced by the country’s vital crude oil sector.
“Our mandate is clear: to ensure robust monitoring and oversight across activities related to crude oil and gas extraction, transportation, and security within all the oil-producing areas of the country,” General Jimoh said.
According to him, their visit to Governor Otti was to acknowledge his invaluable support to the initiative, to underscore their commitment towards transparency and cooperative engagement with all stakeholders involved, and to assure the Governor that no effort would be spared to restore optimal operational efficiency within the oil sector.
Chief Press Secretary to the Executive Governor of Abia State, Ctz. Ukoha Njoku Ukoha, said in a statement in Umuahia that other members of the visiting Monitoring Team included Rear Admiral D. Fadeyi, Rear Admiral S.D. Ibrahim, Air Vice Marshal Dari, Brigadier General A.A. Idris, Colonel M.M. Silong, Lieutenant Colonel M.J. Bent, Commissioner of Police, Iyama Daniel; and Commandant Muhammed Waska.
