Imo State governor Hope Uzodinma believes that battered naira will rebound if the country can pump more crude oil for sale, he also lamented the spate of crude oil theft in the country.
Uzodinma who was exchanging views with the Managing Director, Shell Petroleum Development Company (SPDC), Mr Osagie Okunbor in Abuja said unchecked crude oil theft was a director assault on the nations economy.
On the high exchange rate of a Dollar to Naira, Uzodinma said: “For you to have dollar cheap, you have to earn the dollar and the only way we earn the dollar is by producing enough crude oil.
“The reduction in the production rate of crude oil from 2.1 million barrels a day to barely 1 million barrels is a big blow to our economy and to our capacity in terms of foreign exchange earning.
“By the time we recover back to 2.1 million barrels a day, we will earn enough that will force down the dollar and give advantage to the naira.”
He described the activities by the bunkers as a sabotage to the country’s effort at boosting the production of crude oil.
“We met with shell petroleum on the level of insecurity that made them shut down operation in Imo.
“They left because of insecurity. We have been able to sustain relative peace and decided to invite them and discuss very well.
“We are concerned about the crude oil theft in the region and we are doing our best as a government to support the producing oil company to have a very enabling environment to do their production so that Nigeria will benefit.”