KEY POINTS
- NUPRC and Stakeholders urged to meet 1 million barrels per day oil production target by Tinubu.
- According to initiative, it aims to boost government revenue, create jobs and aid Nigeria’s economic recovery.
- Industry collaboration will defend efficiency, competitiveness and contribution to the world’s energy.
The One Million Barrels Oil Per Day (1MMBOPD) Initiative has been called upon by President Bola Tinubu for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and industry players in Nigeria to work together in achieving.
Also speaking at the inauguration of the initiative in Abuja, Tinubu underscored the imperative of collaboration to achieving higher oil production and expanding the Nigerian economy.
Efforts to drive up oil production and help economic recover
The 1MMBOPD Initiative to unlock incremental oil production using novel business models.
Tinubu, represented by Senator George Akume, urged key stakeholders, including oil-producing companies, service providers, oil producers, government agencies, and host communities, to team up with NUPRC to ensure they meet the promised oil production targets within the stipulated timelines.
Increased oil production, he said additionally would help expand government revenue, drastically reduce poverty and enhance Nigeria’s GDP.
Tinubu said this initiative is of national importance and would catalyze Nigeria’s economic recovery and growth. But he acknowledged recent gains in oil production, currently at 1.6 million barrels per day, and praised the industry for ‘beginning to get up to their shared production goal.
Nigeria’s energy sector and its competitiveness in the global economy
He said expanding oil production would help boost domestic energy security, bring more jobs and make Nigeria a leading voice in the global energy transition. The president also reaffirmed the commitment of his administration to the economic diversification, decarbonisation and sustainable development of the oil and gas sector.
The president lauded the NUPRC, NNPC Ltd., and industry stakeholders for the great strides they had made so far in navigating current challenges and pursuing growth and development in the oil and gas industry.
According to Vanguard, The 1MMBOPD Initiative through its expected enhancement of efficiency and competitiveness should further boost Nigeria’s economic stability and energy security.
