(Ecofin Agency) - The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), has announced that the country’s oil production rate is expected to increase by 22% to 2.2 million barrels per day from its current levels by the end of 2016.

According to him, Nigeria is also likely to sign an oil deal with India worth $15 billion by the end of the year, adding that he hoped a force majeure declared on all oil fields would be lifted by December or January.

“Nigeria has a bit of a cash flow problem right now. Our reserves are not as strong as we want them. The impact of that is the value of the naira (currency) is coming down. So what we are trying is to leverage on the assets we have to receive immediate cash,” Kachikwu said.

The Minister added that the Organization of the Petroleum Exporting Countries (OPEC), has granted the country a production window of 1.8 million bpd to 2.2 million bpd.

Aside the impact of the low oil prices in the global market, Nigeria’s energy facilities have been affected due to attacks by militants demanding for a greater share of the country's oil wealth.These incessant attacks have affected pipelines making Qua Iboe, Nigeria's largest export stream, and Forcados remain under force majeure, Reuters reports.

Anita Fatunji