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    MarketForces Africa » MarketForces News » Nigeria’s Crude Oil Production Reaches 1.66 million Barrels Per Day

    Nigeria’s Crude Oil Production Reaches 1.66 million Barrels Per Day

    Julius AlagbeBy Julius AlagbeSeptember 5, 2024 News No Comments4 Mins Read
    Nigeria’s Crude Oil Production Reaches 1.66 million Barrels Per Day
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    Nigeria’s Crude Oil Production Reaches 1.66 million Barrels Per Day

    The  Spokesperson for the Nigeria Customs Service (NCS), Abdullahi Maiwada, has said Nigeria’s crude oil production has  reached 1.66 million barrels per day.

    Maiwada disclosed this during the monthly news conference, organised by the Strategic Communication Interagency Policy Committee(SCIPC) hosted by the NCS, on Thursday in Abuja.

    He said that the feat was achieved  through the  contributions of the Nigerian Navy`s  aggressive campaign against crude oil theft under its `Operation Delta Sanity`, which  destroyed 15 illegal refinery sites, 17 wooden boats, and 10 refining ovens across Bayelsa, Rivers, Delta, and Ondo States.

    “These efforts have contributed to Nigeria’s crude oil production reaching 1.658 million barrels per day, reinforcing the Navy’s role in safeguarding the nation’s economic interests,“ he said.

    He said that a  massive refinery site with a capacity of two million litres per day was dismantled along the Ogoloma-Bakana waterways in Rivers.

    “Additionally, 72 bags of cannabis sativa were seized, and four suspects, including three Ghanaians and one Beninois, were arrested,“ he said.

    He said that the Nigeria Military troops  have neutralised 1,166 terrorists, arrested 1,096 suspected terrorists and criminal elements, and rescued 721 kidnapped hostages in August.

    He said the troops arrested key terrorist leaders in an effort to cripple  their groups` activities, with the aim of addressing the menace of kidnappings across the nation.

    “Among those taken off the battlefield were key terrorist leaders and commanders, including Munir Arika, Sani Dilla, and Ameer Modu in the Northeast, and Kachalla Dan Ali Garin Fadama, Sani Baka Tsine, and Ibrahim in the Northwest.

    “ The strategy of dismantling these terror groups by targeting their leadership, commanders, and collaborators is significantly diminishing their capacity to carry out major offensives,“ he said.

    He said that the military during the period under review recovered 391 weapons, more than 15,000 rounds of ammunition, and disrupted oil theft activities worth more than N5 billion.

    The spokesperson stated that the NCS, as part of its efforts to suppress smuggling to the barest minimum,  recorded 83 seizures across various commands.

    He said that the seizures include 170,000 litres of  Premium Motor Spirit (PMS), 3,083 bags of foreign rice, 1,014 parcels of Cannabis Sativa, 23 vehicles, and other contraband, with a total Duty Paid Value (DPV) of  more than ₦975 million.

    He said that the NCS also intensified its `Operation Whirlwind` to combat the smuggling of petroleum products, especially in border states.

    According to him, the move over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles.

    “Investigations have led to the prosecution of seven suspects, and three marketers have been fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with sealed filling stations transferred for further action,“ he said.

    He added that the service in August collected ₦277.5 billion in import duties and ₦15.8 billion in excise duties, demonstrating its commitment to maximising revenue.

    He said that the Nigeria Immigration Service (NIS) anti-smuggling efforts  led to   the interception of 97 trafficked victims,  with 87 cases handed over to the National Agency for the Prohibition of trafficking in Persons (NAPTIP) and 10 reunifications.

    “The NIS also launched an anti-corruption campaign, conducted workshops at five international airports, and upgraded its Country Signing Certificate Authority (CSCA) and Public Key Infrastructure (PKI) to meet  the International Civil Aviation Organisation (ICAO) standards.

    “Additionally, NIS collaborated with the Netherlands on Hostmanship Training and eased out 61 foreign nationals to address irregular migration,“ he said. #Nigeria’s Crude Oil Production Reaches 1.66 million Barrels Per Day

    Oando to Boost Nigeria’s Oil Production to 2mbpd

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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