Nigeria to restore oil production loss

SINGAPORE – Nigeria is working to soon restore losses in oil production because of militant attacks on some pipelines, the country’s finance minister said Tuesday.

Over the last eight months, Nigeria’s oil production has dropped 600,000 barrels a day to 1.9 million barrels from a projected 2.5 million barrels because of the attacks and violence in the oil-rich Niger Delta, said Finance Minister Nenadi E. Usman.

“Work on the broken pipelines is in progress. There is going to be some increase in production soon,” Usman told reporters on the sidelines of a summit of the
World Bank and IMF in Singapore.

Charles Soludo, Nigeria’s central bank governor, said he expect the pipelines to be repaired “in weeks to months,” but gave no timeframe.

AP