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Instability in Niger Delta a major concern for gov't: minister

Xinhua, November 16, 2016 Adjust font size:

The negative impact of Nigeria's oil industry was a major concern in the oil rich Niger-Delta region, the government said Tuesday.

Minister of State for Petroleum Resources, Ibe Kachikwu, said the government has held meetings with leaders from Niger Delta to ensure that peace returned to the region where militancy had sprang up again, with militants.

Due to months-long instability in the region, the nation has lost revenue, with its oil production dipping by over 600,000 barrels per day to 1.65 million bpd.

The minister added that the West African country will move beyond oil export and improve its economy.

"Our vision is to move Nigeria beyond crude oil exports into value added activities in oil, namely refining and petrochemical industries," he added.

According to him, the vision is also to expand from oil into gas-based industrialization.

Kachukwu clarified that the aim of restructuring the sector was to ensure efficiency and business enhancement. Endit