Accord Presidential Candidate Olawepo-Hashim Pledges to Raise Nigeria’s Oil Production to 4m bpd Within 24 Months
...Says the Country Has Not Always Been Run by 'Thieves'
The presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has pledged to raise Nigeria’s crude oil production to four million barrels per day within 24 months if elected president.
Olawepo-Hashim made the pledge during an interview on Channels Television’s Politics Today on Friday, while outlining his plans to revive the country’s oil industry, strengthen domestic refining, and accelerate industrialisation.
He stated that the country should take advantage of its energy resources to drive industrial development rather than focus primarily on exporting crude oil.
“The comparative advantage we have is that we are an energy-rich resource country. We should use that to drive industrialisation, not begin to out-price that product in such a way that we are only focusing on exporting,” he said.
According to him, Nigeria should prioritise the domestic use of its crude oil resources for the production of refined petroleum products and petrochemicals, saying such an approach would create jobs, increase local value, and strengthen the economy.
“That creates jobs. That gives added local value. That improves the economy,” he argued.
The Accord candidate recalled that Nigeria had pursued a similar development path in the 1970s, describing the period as one in which the country made significant economic progress.
He pointed out that the country’s current economic challenges could be reversed through deliberate government intervention and increased investment in the oil sector.
Olawepo-Hashim noted that Nigeria could significantly increase crude oil output by reviving thousands of shut-in oil wells whose production, he claimed, was being held back by challenges such as inadequate infrastructure and insecurity.
“According to a study by NTRZ in 2022, you have 3,000 shut-in wells. Shut-in wells means that discovery has been made. The issues surrounding why they are not producing are either small infrastructure issues, like pipeline, or security issues,” he remarked.
He maintained that many of the wells could be brought back into production within six months if the necessary interventions were made.
“These are wells that can be produced within six months,” he said, arguing that the government should be prepared to invest directly in restoring the wells rather than waiting solely for private-sector investment.
Olawepo-Hashim also advocated greater domestic refining of crude oil, stressing that producing petroleum products locally would reduce Nigeria’s exposure to foreign exchange pressures associated with importing refined products.
He explained that the country’s crude oil should be regarded primarily as a strategic domestic resource, particularly given the importance of energy to national security and economic development.
On the exchange rate, Olawepo-Hashim asserted that the naira was undervalued, citing an International Monetary Fund (IMF) assessment which he said put the level of undervaluation at 25.6 per cent.
He maintained that increased crude oil production and domestic refining would help strengthen the economy and reduce pressure on the foreign exchange market.
Olawepo-Hashim further expressed confidence in Nigeria’s capacity to regain the economic strength it recorded in previous decades, recalling the country’s industrial and economic achievements in the 1970s and early 1980s.
“Nigeria has not always been a country run by idiots and thieves. Nigeria has been a country that was great.”
He stated that his confidence in the country’s potential remained strong, reiterating that Nigeria could rebuild its productive capacity through purposeful leadership and investment.
“I’m one incurable optimist about the greatness of this country,” he added.
