Kogi seeks 13% derivatives as Lokpobiri mulls $25b oil revenue 

Kogi State Government, yesterday, intensified its push to secure a 13 per cent oil derivative and access to oil blocks, as the Minister of State Petroleum (Oil), Heineken Lokpobiri, insists on pushing oil production in Nigeria to 2.5 million barrels per day.

Speaking during a courtesy visit to Lokpobiri yesterday, the Governor of Kogi State, Usman Ododo, in the company of his commissioners, said the state was ready to explore solid minerals within the state for economic development.

Ododo said while the state was counted as an oil-producing state, it was not getting 13 per cent derivation even while exploration was going on in the state.
He disclosed that the state was also planning an industrial hub within the Ajaokuta axis to take advantage of the Ajaokuta Kaduna Kano pipeline, stressing that the help of the Federal Government would be needed to realise the plan.

Ododo also stated that the state had done everything possible to improve the security architecture in the state to make the state conducive for investors.
Calling for greater collaboration to unlock the benefits of natural resources within the state, Ododo said the exploration of the Anambra Basin, which stretches into the state was necessary and that the state wants to also own an oil block to push forward its ambitions.

While pledging full support for Kogi State’s efforts at unlocking its oil and gas potential, Lokpobiri noted that the country needed to improve its oil production.

The minister emphasised the Federal Government’s focus on increasing production, stating: “During COVID-19, Nigeria achieved 2.4 million barrels per day without new investments. Now that security and operational challenges are being addressed, we aim to exceed that figure.” Lokpobiri outlined plans to raise production by an additional one million barrels per day within the shortest possible time.