Governor Alex Otti has expressed deep concern over the sharp decline in Nigeria’s crude oil production, warning that it has significantly impacted the nation’s revenue. Speaking during a meeting with the Defence Headquarters Joint Monitoring Team, led by Major General JAL Jimoh, the Governor highlighted the urgent need to address the issue.
Otti revealed that during a recent visit to the National Security Adviser, the alarming drop in oil production was a key point of discussion. According to the Governor, data from June to August showed Nigeria producing an average of 1.4 million barrels of oil per day—far below the country’s quota of 2.2 million barrels per day.
Reflecting on past performance, Otti noted, “Around 20 years ago, in 2005, our production capacity was about 2.5 million barrels a day. The gap between that and the current 1.4 million barrels is concerning. If we are not exporting enough oil, we won’t generate sufficient foreign currency to address the economic challenges we face.”
Governor Otti emphasized that the foreign exchange crisis can be alleviated by increasing oil production, pointing out that the country’s import-dependent economy is being strained by the imbalance in supply and demand. “If supply is weak and demand is high, prices will keep going up,” he added.
The Governor pledged the support of the Abia State Government to help the Joint Monitoring Team combat oil theft and security challenges in the Niger Delta, which are contributing to the production decline. “These problems, whether oil theft or insurgency, are man-made, and with determination, we can tackle them to boost foreign exchange earnings and improve stability,” Otti assured.
Major General Jimoh, head of the Joint Monitoring Team, stated that their mission is to oversee the crude oil sector, ensuring proper monitoring of extraction, transportation, and security in oil-producing regions. He also expressed gratitude to Governor Otti for his support and reiterated the team’s commitment to restoring optimal efficiency in the oil sector.
