Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigeria should target 4mb/d production to grow economy – NAEE

    Nigeria should target 4mb/d production to grow economy – NAEE

    October 26, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Oil rig workers.
    *Oil rig workers.

    …Says 2.5mb/d production not enough

    Oscarline Onwuemenyi

    26 October 2016, Sweetcrude, Abuja – The Nigerian Association of Energy Economics (NAEE) has said the country should be targeting 4 million barrels oil production per day if it must grow the economy and catch up with the rest of the developing world.

    President of the association, Prof. Wumi Iledare, said this in an interview with newsmen as part of activities to mark the World Energy Day 2016.

    Nigeria produces between 2.2 and 2.5 million barrels oil per day with over 70 percent of it exported, except when there are militant attacks and force majeure.

    But Iledare said had Nigeria’s economy been actually growing the way it is supposed to, 2.5m barrels oil production per day should only be used to service the local economy.

    He said, “I gave the example of the US with 300 million people. They are consuming in their economy 16 to 18 million barrels per day. We cannot use our oil for money, we should use our oil for power and 2.5 million barrels per day cannot generate the electricity that we need to grow our economy.”

    The World Energy Day was celebrated on October 22. NAEE said it was investing heavily to create awareness on access to energy in the country.

    Speaking on the importance of access to energy, Iledare said Nigeria was a good example of a country that produced energy but did not consume enough of it and the more reason its economy was not expanding.

    He advised the government to provide the policy tools that would attract investment that will grow the economy.

    “Does Energy Commission of Nigeria really belong to the Ministry of Science and Technology? I don’t know,” he said, adding that, “If we are going to be thinking about energy access we have got to be thinking about the positioning of our institutions to make sure they deliver the mandate.”

    Related News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    E-book
    Resilience Exhibition

    Latest News

    Afreximbank reaffirms financial resilience and transparency

    June 10, 2025

    India’s $80 billion coal-power boom is running short of water

    June 10, 2025

    OGV Group to position Aberdeen as gateway for African energy deals

    June 10, 2025

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    June 9, 2025

    Nigeria sends mining scholars to Australia for training

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.