Business
Nigeria’s Crude Oil Production Hits 236 Million Barrels in First Half of 2024
Nigeria produced 236,229,281 barrels of crude oil in the first half of 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Monthly production figures show 44.2 million barrels in January, 38.3 million in February, 38.1 million in March, 38.4 million in April, 38.8 million in May, and 38.3 million in June.
This production marks an increase from 219.5 million barrels in the same period in 2023 but is lower than the 302.42 million barrels produced in the first half of 2020.
The average daily production fluctuated from 1.43 million barrels per day (mbpd) in January to a low of 1.23mbpd in March, with slight recoveries in subsequent months.
Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited, highlighted the challenges of oil theft and vandalism, which hinder investment and production.
Despite these issues, Kyari expressed optimism that Nigeria would soon achieve a production rate of two million barrels per day.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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