In a move aimed at boosting Nigeria’s oil production and stimulating economic growth, the North-East Governors’ Forum (NEGF) has urged the federal government to revive stalled oil exploration activities in Borno state. This call comes following the resumption of the Kolmani oil project, which is expected to significantly contribute to Nigeria’s oil reserves and revenue.
The NEGF made this request during a meeting held in Maiduguri, the Borno state capital. According to THISDAYLIVE, the governors are seeking ₦10.8 billion ($25 million USD) to establish a regional airline as part of their efforts to develop infrastructure and create jobs in the North-east region.
The Kolmani oil project, located in Gubio Local Government Area of Borno, was initially halted due to security concerns related to Boko Haram insurgency. However, with improvements in the security situation, the Nigerian National Petroleum Corporation (NNPC) has resumed operations at the facility, although it has not yet disclosed when it began operating.
The resumption of the Kolmani oil project is significant as it holds potential for discovering large quantities of crude oil. Preliminary estimates suggest that the deposits could be as high as 50 billion barrels, making it one of the largest untapped reserves in Africa.
By
