Akpabio expresses hope of Nigeria meeting OPEC crude oil quota soon

• He attributed this achievement to the determination and efforts of the Federal Government, instilling hope that Nigeria can reach its OPEC quota through careful planning
• He was optimistic that the engagement between the National Assembly and key oil and gas industry players would help Nigeria to move on a path that would bring progress and development to the citizens
  

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Dr. Godswill Akpabio, the President of the Senate, emphasized that Nigeria can achieve the OPEC quota of 1.8 million barrels per day through meticulous planning and execution.

Akpabio made this statement during the National Assembly Capacity Building Workshop organized by the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) in Abuja on a Monday.

He was represented at the event by Senate Committee Chairman, Petroleum Upstream, Etang Williams. Akpabio expressed his satisfaction with Nigeria’s crude oil production, which reached 1.35 million barrels per day in September, marking a 14% increase from August and the highest output for 2023.

He attributed this achievement to the determination and efforts of the Federal Government, instilling hope that Nigeria can reach its OPEC quota through careful planning.

He was optimistic that the engagement between the National Assembly and key oil and gas industry players would help Nigeria to move on a path that would bring progress and development to the citizens.

“The oil has not been as much as a blessing as it ought to be. In fact, some think it has become a curse because the proceeds from the oil are not utilised to support agricultural and manufacturing sectors.

“These sectors have been neglected; we do not have the groundnut pyramids in the North anymore, we do not have the cocoa house in the West anymore, we do not have the palm plantation in the East anymore.

“We now have a resource cost or paradox of plenty.

“A resource cost is a situation in which nations fail to use their wealth to improve the living condition of their people and foster their economy,” he said.

The president of the Senate said this was one of the reasons the Bola Tinubu administration had to do away with the petroleum subsidy, which had destroyed the nation’s economy by installments.

“We need bold action to address big problem, it is a story we in the National Assembly want to change for the sake of our country and posterity,” he added.