• Says Nigeria not taking advantage of rising oil prices

The Minister of State for Petroleum Resources, Timipre Sylva, yesterday vowed to regain the production quota that the Organisation of Petroleum Exporting Countries (OPEC) approved for Nigeria.

The cartel approved 1.71 million barrels per day for the country in the month of February.

Speaking ahead of the 2022 Nigerian International Energy Summit holding from February 27 to March 3rd, he said Nigeria was beginning to regain its lost quota.

The minister said: “Already, our production is not where it was a few months ago.

” We are beginning to climb up gradually. And we are hoping that by the end of this year, we will completely regain that production.”

Sylva said he would not be pressed to give unrealistic timeline for meeting the quota, adding that the ministry was not happy that it was not taking advantage of soaring crude oil prices and would take steps to achieve the target.

“A lot is going on but we are not happy at all, that we are not able to take advantage of the high oil prices.

‘’So, it is our lots to fight to see also we’re doing everything to ensure that we’re able to bring back our production”.

On the other hand, he noted that high prices do not necessarily call for celebration because the country imports refined products at higher prices as well.