New oil, gas policies will boost GDP by $17bn, create 2.3m jobs, says FG

Nigeria's independent online newspaper

Mohammed Idris, minister of information and national orientation, says the new oil and gas policy will create 2.3 million jobs, and boost gross domestic product by $17 billion when implemented.

“The new presidential policy directive would bring down operating costs for oil and gas operations in Nigeria; currently 40 percent higher than global average,” he added. Highlighting Tinubu’s achievements, he said the Nigerian economy grew by 3.46 percent in the fourth quarter of 2023 relative to the 2.54 percent recorded in the preceding quarter; describing it as a better performance than expected.

On enhancing security measures across the Niger Delta, Idris said NLNG cargoes had grown from an average of 16 cargoes in 2023 to 21 cargoes in the first quarter of 2024.He said Nigeria’s oil production had risen from 1.22 million barrels per day in the second quarter of 2023 to 1.6mbpd in Q1 2024.

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