From all indication, it has been reported that, Nigeria oil production dropped. This decrease is attributed to routine repair work going on with oil installation. Most of the oil facilities were accessed to come out with the fact. According to the statement ‘Nigeria’s crude oil production decreases to 1.6mpd’ – Nigeria’s average daily crude oil and condensate production has dropped from the two million barrels per day (bpd) it recorded as at February to 1.6 million bpd in March. March Facts and Figures from the Ministry of Petroleum Resources attributed the reduction in crude oil production to the routine repair work going on at Shell Nigeria Exploration and Production Company Limited (SNEPCo) 250,000 bpd capacity Bonga Floating Production Storage and Offloading (FPSO). There is expected to be a boost in the country’s crude oil output in the coming months as SNEPCo announced last week that it has concluded its turnaround maintenance at the 225,000 bpd, Bonga FPSO, this month. This current production level represents a shut fall of 600,000 bpd from the 2.2 mbp, which the Federal Government has set as benchmark in its 2017 budget.At the current price of $53 per barrels for Brent crude oil, Nigeria will be losing about $38.1 million daily to the reduction in production. In a related development, Experts canvass measures to boost non-oil export through AGOA – Nigeria’s current economic situation, particularly the disparity between naira and U.S. dollar present huge opportunities that must force government and stakeholders to boost non-oil exportation through the African Growth and Opportunity Act (AGOA), experts have said. The experts spoke on Tuesday, at a training organised in Lagos by the Nigerian-American Chamber of Commerce (NACC), to reverse Nigeria’s poor participation in the duty and quantity free policy. The experts including the Senior AGOA Specialist, West Africa Trade and Investment Hub, Dr. Muhamed Abou iiana, and Director General, Nigerian Textile Manufacturers Association, Hamma Kwajaffa, called on government to tackle challenges hindering exportation through the policy. Since AGOA was introduced in 2000 as trade preferential agreement to enable Sub-Saharan African countries export products to U.S., intrinsic challenges in Nigeria continue to deny the country, particularly entrepreneurs, the potential the plan offers.
At this point of the economy, Federal government should encourage manufacturers and oil explorers to come and invest to boost the industry to strengthen production and enable the Naira to be strengthen again. It would also reduce unemployment and boost the country’s GDP. This is the only way Nigeria can great again.
featured image is from google image