Gabriel Ogbechie, Group Managing Director of Eterna Plc, emphasised the need to ramp up Nigeria’s oil production to address ongoing economic challenges. He made these remarks during a National Economic Summit panel on igniting energy sector growth.
With oil accounting for over 95% of foreign earnings, Nigeria’s limited production of just 1.4 million barrels per day has negatively impacted the economy. Ogbechie believes Nigeria should aim to produce at least 3 million barrels per day, given its reserves of over 36 billion barrels.
As a major gas producer, Nigeria should also halt LPG imports and become self-sufficient by better utilising its 208 trillion cubic feet of gas reserves. Currently, excessive gas flaring persists despite fines, and Nigeria uses its limited foreign exchange to import LPG.
Eterna Plc is working to expand its role in meeting Nigeria’s energy needs. Ogbechie urged continued government support through favourable policies.
Other experts on the panel included Minister of State for Oil Senator Lokpobiri and NCDMB Executive Secretary Wabote. The session focused on leveraging energy sector growth and modernization to boost production, efficiency, trade, and overall economic performance.
By increasing oil and gas production, Nigeria can earn more foreign exchange, meet domestic demand, reduce imports, and alleviate struggles with the wider economy. Energy sector expansion and reduced flaring provide pathways to national growth.