Low oil production and declining foreign revenues are due to a lack of investment, according to NCDMB

According to the Nigerian Content Development and Monitoring Board (NCDMB), poor oil output and declining foreign exchange profits are due to a lack of investment in the nation’s oil industry.

This was revealed by Engr Simbi Wabote, the NCDMB’s executive secretary, at a meeting with media representatives on Wednesday.

He emphasised that the country’s production capability has been damaged by factors other than crude oil vandals, including as a lack of investment in the oil and gas sector.

Contrary to common belief, Nigeria’s low production levels and decline in foreign exchange revenues are not solely attributable to the tragic theft of our crude oil by vandals.

The clamouring for an energy transition, which led foreign oil corporations to scale back on new projects, diminishing oil production from ageing oil fields, and a lack of significant investments over the previous ten years are all contributing factors, according to him, to our country’s production deficit.

According to OBASANJO NEWS24, Nigeria produced 1,269,000 barrels per day in August 2023, falling short of the 1.69 million barrels per day goal set in its 2023 budget oil plan.