More positive news have continued to trial Nigeria’s gradual pull-out from economic recession as indications emerged that the country’s oil output may reach 2.2m bpd as early as June.
Chief Executive Officer of oil giants, Oando, Pade Durotoye, disclosed this at the Africa Independents Forum in London, Wednesday.
“We think that the worst is behind us,’’ Durotoye said. “Before the end of June, we will have Forcados back, which would take us comfortably back to 2.2 million bpd.’’
The renewed optimism on oil production followed abating crisis in the Niger Delta region of the country, where militant attacks drastically cut down output to less than a million barrels per day, the lowest in nearly 10 years.
The resurgence in militancy, particularly at the turn of the last general elections, has been largely blamed for the nation’s slow recovery from recession.
Durotoye therefore commended the Federal Government for its bold steps in reining back the militants and restoring stability to the area.
