Nigeria is in talks with oil majo rs and banks to raise capital for new drilling and to repay up to $4bn in debt that the Nigerian National Petroleum Corporation has accumulated over years of mismanagement.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, told Reuters that he wanted to increase crude oil output to 2.5 million barrels per day by the end of this year. Currently, the country pumps 2.3 million bpd.
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