The Group Managing Director of Eterna Plc, Mr. Gabriel Ogbechie, says increasing Nigeria’s crude oil production is a solution to the current economic challenges facing the country.
Speaking during a roundtable session at the 29th Edition National Economic Summit in Abuja, he said Nigeria, with vast oil reserves which, according to him, account for over 95% of her foreign earnings. continues to fall short in terms of production, which, he says, has had a negative impact on the country’s economy.
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Mr. Ogbechie added that Nigeria, as a gas-producing country, with proven gas reserves of more than 208 trillion cubic feet, should not be importing LPG but should harness its gas potential to meet its domestic LPG needs.
He also added that penalties for gas flaring were , in his own words, slaps on wrists, and inadequate to serve as deterrence to companies to desist from the act.