Oil and gas production, FG targets 2.1 million barrels of daily production by December 2024
President Bola Ahmed Tinubu, whom Kashim Shettima, the vice president, represented, gave the revelation in his address at the ongoing 3rd Edition of ‘THE AFRICA NATURAL RESOURCES AND ENERGY INVESTMENT SUMMIT (AFNIS), 2024, in Abuja.
The federal government has revealed its goal of growing Nigerian oil production to 2.1 million barrels a day by December 2024.
President Bola Ahmed Tinubu, whom Kashim Shettima, the vice president, represented, gave the revelation in his address at the ongoing 3rd Edition of ‘THE AFRICA NATURAL RESOURCES AND ENERGY INVESTMENT SUMMIT (AFNIS), 2024, in Abuja.
The investment summit is attended by Ministers of Solid Minerals and Oil and Gas from Mali, South Sudan, Liberia, Chad, and Nigeria.
According to Shettima, ’Our goal is to attract more investment in the oil and gas industry and grow our oil production to 2.1 million barrels a day by December 2024.
Furthermore, we will invest in our midstream and downstream infrastructure, tackle theft, and hold developers to account to the highest environmental standards.”.
The Vice President stated that for Africa to realise its full potential and meet global climate targets fully, it must put collaboration at the forefront of their collective national transition plans.
He promised that the present administration will continue to work with the international community and our African neighbours to initiate and develop cross-border infrastructure systems that will allow goods and services to move easily across Africa and fully harness the potential of the African Free Trade Continental Agreement. It should not be easier to transport natural gas from Nigeria to the far east than to North Africa.
Meanwhile, restating Bola Ahmed Tinubu’s commitment to elevating Nigeria’s critical mineral resource wealth to create a more prosperous and environmentally conscious future, he said, “A continent that has 40 percent of the world’s gold, 90 percent of its chromium and platinum, and the largest reserves of cobalt, uranium, and diamonds must re-organise and maximise these humongous resources to banish poverty, end illiteracy, and score higher on the Human Development Index.
“Our administration, in the tradition of continental leadership that Nigeria has established, is at the forefront of the efforts to make our natural resources serve the people of Africa. Our advocacy for value addition in the mining sector is the result of deep introspection and technical diagnosis.
“We intend to elevate Nigeria’s critical mineral resource wealth from potential to reality, creating a prosperous, resilient, and environmentally conscious future.
“This administration wants to make Nigeria a leader in critical metals, and I welcome the establishment of the African Minerals Strategy Group with our Minister as the first chairman of this initiative. We aim to set new standards in the mining industry and to make sure that Africa gets an equitable slice in supplying the world with critical metals.
Moreover, we also acknowledge that at the core of all our decisions on harnessing the abundant natural resources of our dear continent is the safeguarding of the environment and local communities. We are the custodians of the offices we now hold and the land that we inherit. We must strive to avoid the mistakes of the past, where environmental considerations were superseded by economic gains.
In his remarks, Dele Alake, the minister of solid mineral development who is also the chairman of the African Minerals Strategic Group, noted that the summit was a significant milestone towards harnessing Africa’s vast natural resources for sustainable economic development.
Highlighting Nigeria’s leadership role in the newly established Africa Minerals Strategy Group, he said, “As the first chairman of this initiative, I am dedicated to setting new standards in the mining industry and ensuring that Africa secures an equitable share in supplying the world with critical minerals.
“This initiative will drive economic growth, promote sustainable practices, and foster international collaboration in the mining sector. AFNIS 2024 provides a unique opportunity to forge partnerships and attract investments that will drive the development of Africa’s natural resources.
Alake assured that the group was committed to creating a business-friendly environment that encourages foreign direct investment and fosters mutually beneficial collaborations. By leveraging global expertise, technology, and capital, we can transform our natural resources into a catalyst for sustainable development. Through robust corporate social responsibility initiatives and proactive community engagement, our goal is to empower communities and foster inclusive development.
He added that the commitment is reinforced by the recent revision of the Community Development Agreement (CDA), which he initiated shortly after assuming office.
“This updated framework ensures that local communities are integral partners in mining ventures, safeguarding their interests and ensuring direct participation in and benefits from resource extraction projects. The CDA exemplifies our unwavering dedication to sustainable development, transparency, and the enduring prosperity of all communities involved,” he added.
Under the Renewed Hope Agenda championed by His Excellency President Bola Ahmed Tinubu, GCFR, we are committed to transforming Nigeria’s solid minerals sector into a cornerstone of our nation’s economic diversification strategy. Our approach is multifaceted, focusing on policy reforms, sustainable practices, infrastructure development, and human capital enhancement.
“We are currently implementing comprehensive reforms that will create a conducive environment for investment in the solid minerals sector. These reforms aim to enhance transparency, regulatory clarity, and investor confidence, fostering a competitive and thriving industry,” he said.
Alake maintained that “our goal is to ensure that mining activities contribute positively to the economy while safeguarding the environment and enhancing the well-being of local communities, reflecting the ethos of the Renewed Hope Agenda. Recognising the critical role of infrastructure in enabling mining activities, we’ll encourage investments in key projects, including transportation, power supply, and technological advancements.
Alake reiterated the importance of collaboration and shared commitment in achieving the goals set forth at the summit. The journey ahead is filled with opportunities and challenges, but with unity, determination, and innovation, we can transform Africa’s natural resources into a catalyst for sustainable development and inclusive growth.” He said.
