Abia State Governor Dr. Alex Otti, OFR, has pledged the state’s support to address the declining crude oil production in Nigeria. He made this commitment on Tuesday, October 22, at his home in Umuehim Nvosi, during a visit from a delegation of the Defence Headquarters Joint Monitoring Team led by Major General JAL Jimoh.
Governor Otti expressed concern over the significant drop in oil production, citing figures from June to August that indicated an average of only 1.4 million barrels per day, compared to Nigeria’s quota of 2.2 million barrels. He noted that 20 years ago, Nigeria’s production capacity was around 2.5 million barrels daily.
He explained that the disparity highlights the challenges faced by the country, emphasizing that insufficient oil exports hinder foreign currency generation, which is critical for addressing national issues. Otti pointed out that Nigeria’s import-dependent economy makes it crucial to increase oil output to stabilize the foreign exchange market.
“If supply is low and demand is high, prices will continue to rise,” he stated. The Governor assured the visiting team of the state government’s support in their efforts, stressing that many of the challenges, including oil theft and disruptions in the Niger Delta, are human-made. He expressed confidence that with determination and coordinated efforts, these issues could be resolved to boost foreign exchange receipts and reduce unrest.
Major General Jimoh, the head of the monitoring team, explained that their group was formed to oversee critical challenges in the crude oil sector. He emphasized their mandate to ensure comprehensive monitoring across all aspects of oil and gas extraction, transportation, and security in producing regions. His visit aimed to recognize the Governor’s support and reaffirm the team’s commitment to transparency and collaboration with all stakeholders to restore operational efficiency in the oil sector.
Also present during the visit were other senior military and police officials, including Rear Admiral D. Fadeyi, Rear Admiral S.D. Ibrahim, Air Vice Marshal Dari, and Commissioner of Police Iyama Daniel, among others.
