Reason for Nigerian Oil's Increased Daily Output.

Nigeria's crude oil production has increased by 200,000 barrels per day in the past six months due to enhanced security measures in the Niger Delta, as stated by a presidential advisor.

Olu Verheijen, the Special Advisor to the President on Energy, announced that the availability of NLNG Trains 1-6 has risen from 57% in 2023 to 70% in Q1 2024, attributed to stability in oil-producing regions.

Mrs. Verheijen highlighted at a media briefing the challenges hindering Nigeria's economic growth and President Tinubu's efforts to stabilize revenue and currency through reforms in the oil and gas sector.

Despite having significant hydrocarbon reserves, Nigeria has received only 4% of oil and gas investments in Africa since 2016, prompting President Tinubu's determination to reverse this trend.

The President has issued directives to enhance regulatory clarity and security measures in the Niger Delta, resulting in improved pipeline uptime and increased oil transportation.

Fiscal incentives have been introduced to promote the use of liquefied petroleum gas (LPG) and compressed natural gas (CNG) to stabilize fuel prices and facilitate the transition to clean energy.

Additional measures include streamlining contracting processes, local content practice reform, and fiscal incentives for gas and deepwater developments to attract investment and expedite project delivery.

Various stakeholders will be involved in implementing the directives, with specific responsibilities outlined for each, aimed at fostering collaboration and ensuring timely execution.

The Special Adviser on Energy emphasized the administration's commitment to private sector-led growth and inclusive policies to drive economic prosperity and alleviate poverty in Nigeria.