Nigeria: Security Measures in Niger Delta Increase Oil Output By 200,000 Barrels

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The Special Adviser to the President on Energy, Mrs Olu Verheijen, yesterday said the administration of President Bola Tinubu opted for fiscal incentives in the oil and gas sector to attract investments, adding that the enhanced security measures in the Niger Delta has led to increase in over 200,000 barrels/day over the last six months.

Verheijen, who spoke at the briefing on policy directives on oil and gas reforms, said the government was seeking ways to grow revenue and foreign exchange to stabilize our economy and currency.

"We are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and to stabilise our economy and currency. "Since 2016, Nigeria has only accounted for only four percent of Africa's total oil and gas investments, despite possessing 38 per cent of the continent's hydrocarbon reserves.

 

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