By Adebeso Precious (SIWES student, D S Adegbenro ICT Polytechnic)
Dr. Gabriel Ogbechie, the Group Managing Director of Eterna Plc, emphasized at the 29th Edition National Economic Summit in Abuja that ramping up crude oil production in Nigeria could be a significant solution to the country’s economic challenges.
During the roundtable session themed Igniting Growth: Energy and Nigeria’s Global Race, he discussed the potential for the energy sector to modernize, reduce operational costs, enhance global trade, and boost the economy.
Ogbechie pointed out that despite Nigeria’s substantial oil reserves, the country struggles to meet its production targets, which adversely affects the economy, given that oil contributes to over 95% of foreign earnings.
He also stressed the need for Nigeria to harness its gas potential for meeting domestic LPG needs rather than importing LPG.
He called for a substantial increase in daily crude oil production, suggesting a minimum target of 3 million barrels per day to bolster foreign exchange earnings.
Additionally, he highlighted the importance of curbing gas flaring and achieving self-sufficiency in LPG production to conserve foreign exchange resources.
Dr. Ogbechie noted that Eterna Plc is committed to supporting the growth of the energy sector and called on the government to provide continued support and policy initiatives.
Other panel members included Senator Heineken Lokpobiri, the Minister of State for Oil, and Mr. SIMBI Wabote, the Executive Secretary.
