Nigeria, which is the biggest oil producing country in Africa, requires US$ 100bn to increase oil production and achieve its 2020 goal of producing four million barrels per day.
The Society of Petroleum Engineers (SPE), Nigeria Council confirmed the news and further stressed the need to monetize gas as Nigeria experienced growing demand for gas, especially for use in power generation.
The SPE’s chairman, Mr. Bernard Oboarekpe said that prospective companies should look more towards the capital market so as to increase the resources required for expected industrial growth and expansion.
Nigeria has about 2.2 million barrels of oil production capacity per day. This makes them the fourth world exporter of oil. The oil production industry has, however, been racked with a lot of problems which has also affected the effect of the oil industry in the country.
The country has experienced some set backs due to oil theft in the country, and recorded a loss of US$ 243m according to reports.