ABUJA, Sept 1 (Reuters) - Nigeria is pumping 1.67 million barrels of oil and condensates per day, compared with just under a million barrels some months ago, due to security improvements in the producing Niger-Delta region, the head of the state-oil firm NNPC said on Friday.

Mele Kyari, NNPC's group chief executive, said President Bola Tinubu has "re-engineered the security approach. We've already seen very significant changes in our production environment."

Africa's top oil producer recorded an average daily oil output (NGOIL=ECI) of 1.22 million barrels per day (mbpd) in the second quarter of 2023, the National Bureau of Statistics said a week earlier.

Large-scale oil theft from pipelines and wells has hobbled the country's output and crimped exports in recent years, damaging Nigeria's finances and leaving Tinubu with one of his biggest challenges.

Tinubu, who has embarked on Nigeria's boldest reforms in decades, scrapped a costly but popular subsidy on petrol that cost the country $10 billion last year. The central bank, under Tinubu, has also lifted foreign exchange trading restrictions.

Kyari said Nigeria would have been spending about 1 trillion naira ($1.3 billion) monthly on the subsidy "in today's market conditions", he said, adding that petrol consumption is down 30% to 46 million litres after the subsidy removal.

He added that foreign exchange demand for petrol imports has also declined.

"We simply don't have those resources anymore. We're not just saving money, we're also facing realities around what we can afford," Kyari said.

Nigeria's oil sector is yet to contribute positively to the country's economic growth, which slowed to 2.51% in the second quarter, due to years of underinvestment, crude-oil theft and pipeline vandalism.

In the second quarter, the dominant oil sector which accounts for the bulk of government revenue and 90% of foreign-exchange reserves, contracted 13.43%.

TemplarLandry:
Lets enjoy the oil boom while it lasts.

taylor89:

The hate wey Yoruba dey show Igbo

Tochi3:
Propaganda lies & deceit will not take APCshit anywhere....

....will that bring fuel prices down

Longinyamapucci:
We have infact agreed to bunk more.. it's our oil. Tifnubu will cry blood.

I will advise him to start oil exploration in southern Dahomey.

taylor89:
Anytime I hear anything crude oil e dey pain me like mad

Because these people benefiting from the proceeds no dey follow us inhale this black soot nor suffer what our soils are suffering from agricultural demerits

APC said they found oil in jigawa and another northern state last year

So where’s the oil?

Asari leave wetin he suppose fight dey Mumu himself for Tinubu

Imagine South South no get oil

The hate wey Yoruba dey show Igbo for worse pass our own

Bloody parasites

taylor89:
Anytime I hear anything crude oil e dey pain me like mad

Because these people benefiting from the proceeds no dey follow us inhale this black soot nor suffer what our soils are suffering from agricultural demerits

APC said they found oil in jigawa and another northern state last year

So where’s the oil?

Asari leave wetin he suppose fight dey Mumu himself for Tinubu

Imagine South South no get oil

The hate wey Yoruba dey show Igbo for worse pass our own

Bloody parasites

veraponpo:
Good news.

We are not asking for much:

1. Let Security of lives and properties improve.
2. Give us jobs.
3. Improve power and other basic amenities.
4. Rule of law-Equity fairness and justice

taylor89:
Anytime I hear anything crude oil e dey pain me like mad

Because these people benefiting from the proceeds no dey follow us inhale this black soot nor suffer what our soils are suffering from agricultural demerits in Rivers state

APC said they found oil in jigawa and another northern state last year

So where’s the oil?

Asari leave wetin he suppose fight dey Mumu himself for Tinubu

Imagine South South no get oil

The hate wey Yoruba dey show Igbo for worse pass our own

Bloody parasites