OPEC’s Secretary General, Haitham al-Ghais, emphasized the need for Nigeria to tap into investments in the oil sector to meet global demand. With trillions of dollars required to sustain oil production, increasing output is essential for economic growth and stability.
Meeting with NNPC Chief Executive
During a meeting with Nigerian National Petroleum Corp. (NNPC) Chief Executive Mele Kyari in Abuja, OPEC reiterated its commitment to ensuring market stability. Al-Ghais stated that a stable global market is vital for attracting investors to Nigeria.
Outlook on Energy Investment
OPEC’s annual report highlighted the necessity of investing $14 trillion by 2045 to maintain energy security amidst future economic and population growth. With Nigeria’s current oil production falling below its OPEC quota, efforts are underway to increase output and restore lost production.
Challenges in Oil Production
Nigeria faces challenges such as oil theft, pipeline vandalization, and illegal activities in the Niger Delta region, leading to a decline in oil output. The country aims to address these issues and create a conducive fiscal environment to attract investment in the sector.
Collaborative Efforts
NNPC and OPEC are collaborating to boost spending in the oil industry and enhance production levels. By working together, both entities are focused on revitalizing Nigeria’s oil sector for sustained growth and development.