Nigeria’s Oil Production Hits 2.6million BPD

Goodluck Jonathan, says Nigeria now produces 2.6 million barrels of oil per day due to ongoing economic reforms embarked upon by the Peoples Democratic Party (PDP)-led Federal Government.

Jonathan stated this at the 2012 PDP National Convention held in Abuja last Saturday.

He said that in the last 13 years, PDP governments had also carried out far-reaching reforms in the various sectors of the economy to serve as building blocks for sustainable development and to grow the capacity in local production and improve the quality of service delivery.

The President who was represented by Vice President Namadi Sambo, said the government was at various levels in the implementation of reform policies in key sectors of the economy.

“I assure you that very soon, tangible results will begin to come in, for Nigerians to appreciate some of the tough decisions we have had to take in the last two years to improve the quality of life of our citizens.

“In recent times, the economic reforms implemented by the PDP administration led to increase in our oil production, up to 2.6 million barrels per day.

According to him, the implementation of the local content policy in the oil and gas sector is also helping to grow indigenous capacity.

He further maintained that investments were being encouraged in the power sector, and a comprehensive roadmap for the power sector was being implemented to stabilise power supply in the country.

“We are rehabilitating all our hydro-power plants for optimal capacity utilisation, alongside the construction of 10 power plants of which three will be commissioned this year.

“This is in addition to renewing our transmission and distribution capacity to ensure adequate power supply to all parts of the country.”

The President said the government had resolved to make Nigeria a major player in the international gas market through the implementation of the Nigerian Gas Master-Plan.

He said already the country had designed a framework for the expansion of gas infrastructure within the domestic market to boost commercial exploitation of gas for domestic consumption and export.

He said the master plan was a roadmap to fully harness the nation’s gas potentials and meet the challenges of gas supply to power plants nationwide.

“The diversification of the economy is progressing steadily with sustained increase in non-oil GDP growth, particularly through agricultural production.

“Our country has continued to record favourable ratings from international credit agencies due to the success of our economic reform programmes.”

Jonathan noted with delight that “Nigeria’s exit from the Paris Club, a feat achieved under a PDP-led administration, has freed more resources that now go into investment in human capital and economic development annually”.

He, therefore, assured that the PDP led government would continue to expand the frontiers of reforms to consolidate on the successes recorded by previous regimes.

On political reforms, the President assured that government would continue to ensure that the votes of Nigerians counted in every election.

“Our administration is consolidating democracy through strict observance of the rule of law and creating a favourable environment for freedom of political association and the freedom of expression particularly with the enactment of the Freedom of Information Act.”

He announced that his administration was in the process of encouraging the National Assembly to amend aspects of the Constitution in line with the expressed desire of the people, to have a document that would address issues on national development.

“The administration has since set up a Committee, whose mandate is no more than to take a stock of all the issues at stake, arising from previous political reform conferences and inputs by various stakeholders.

“This is about building a new Nigeria, a better and stronger Nigeria, secure and united at home and respected abroad.

“This is the vision that we have encapsulated in the Transformation Agenda. The vigorous and relentless pursuit of the well-thought out objectives of the Agenda is the impetus for our every action.”

On 2012 budget, the President said it provided a solid macro economic framework upon which necessary investment could be made in key sectors of the economy as contained in the Agenda.

While acknowledging that the nation had been having some challenges with threats to national security, due to the activities of “some misguided and criminal elements in the society”, Jonathan said the security agencies had done a lot to contain the threat.

“We are determined to overcome. The war against terror is a global challenge, we are resolved to play our part in tackling this scourge squarely in order to continue to guarantee the sanctity of human life.”

He, however, stressed the need for collaboration and support of all Nigerians, including the media, saying that “whenever a country is challenged, the people have an obligation to bond together.”