Imo State Governor Hope Uzodimma, Chairman of the Crude Oil Theft and Management Committee under the National Economic Council (NEC), announced that the committee is partnering with the Nigerian National Petroleum Company Limited (NNPCL) to ramp up crude oil production to three million barrels per day, aligning with President Bola Tinubu’s national goal.
Uzodimma shared this update after a closed-door meeting in Abuja with governors from oil-producing states, top NNPCL officials, and representatives from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking to journalists on Friday, Uzodimma highlighted an encouraging upward trend in production figures, attributing it to collaborative efforts involving industry management, security agencies, and state governments.
“Only yesterday, the National Economic Council requested an update from the sub-committee on crude oil theft and prevention. During the meeting, we observed an encouraging upward trend in crude oil production, which we attribute to the collective efforts of industry management, security agencies, and state-level actors,” he stated.
The meeting, held at the Imo State Government Lodge, included Governors Monday Okpebholo (Edo), Bassey Otu (Cross River), and Mai Mala Buni (Yobe), alongside NNPCL Group Chief Executive Bayo Ojulari, Minister of Budget and Economic Planning Atiku Bagudu, and NUPRC representatives.
Uzodimma expressed satisfaction with the briefings from NNPCL and NUPRC’s new leadership, noting that the committee plans further engagements to refine strategies. “We are satisfied with the presentations and the current work plan of the NNPCL.
The committee plans to engage further with the management to align on strategies that will help Nigeria meet its production target,” he added.
The initiative builds on recent reforms in the oil and gas sector, which Uzodimma praised as yielding positive results under President Tinubu’s leadership.
The Crude Oil Theft and Management Committee, reconstituted in late 2023 with Uzodimma at the helm, aims to curb rampant theft that has historically slashed Nigeria’s output—sometimes to as low as 20-30% capacity—costing billions in lost revenue and exacerbating economic pressures like inflation and naira depreciation.
Recent data from NNPCL indicates Nigeria is nearing 100% utilization of its production capacity, up from previous lows, thanks to enhanced security collaborations.
Uzodimma’s committee, comprising governors from all geopolitical zones, federal ministers, the Central Bank Governor, and service chiefs, focuses on prevention, data collection, and implementation of recommendations to eradicate theft and enforce industry discipline.
Stakeholders view the partnership as a critical step toward economic recovery, with Uzodimma assuring that the committee’s efforts will soon make crude oil theft “a thing of the past.”
The NEC sub-committee’s work is domiciled under the Ministry of Budget and Economic Planning, with ongoing interim reports expected to guide policy.
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