President Bola Ahmed Tinubu has announced a massive drop in the country’s dependence on crude revenues, signaling what government said was a decisive shift toward a diversified economy.
He noted that his administration has built a diversified, high-growth economy unlocking the potential of agriculture, manufacturing, and the digital and creative industries to shift the landscape away from single-sector dependence.
Speaking on Tuesday in Abuja during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the President who was represented by Vice President Kashim Shettima, explained that through the joint effort of security agencies, operators, host communities, and the Commission, oil production is “now steadier and stronger”.
As a result, he declared that investors who once abandoned Nigeria in search of better deals were now returning, a development he said has ranked the country first among Africa’s leading destinations for upstream investment for two years running.
Announcing a drop in oil revenue dependence, President Tinubu said, “These gains matter well beyond the oil and gas industry. Under the Renewed Hope Agenda, we are building a diversified economy in which agriculture, manufacturing, the digital and creative industries all play their part.
“We have already reduced our dependence on oil revenue, and we intend to go further. But a diversified economy still needs energy, foreign exchange and investment, and that is where this sector serves the nation. Our gas can power homes and factories. Petroleum earnings support a stable naira and help fund the Federation.”
He stated that a well-run upstream industry is capable of creating jobs for Nigerian engineers, fabricators, and service companies, as his administration plans to use petroleum resources to build the wider economy, rather than depend on them.
The Nigerian leader promised to “pursue an energy transition that is just and suited to Nigeria’s needs,” declaring that this is the decade of Gas.
The President also vowed that his administration will not rest on its oars until Nigeria becomes the destination of choice for hydrocarbon investment, maintaining that in the next phase, the government will insist on compliance and accountability.
“Operators who enjoy incentives must deliver on their commitments to work programmes, local content, the environment and host communities, and the Commission must also account publicly for its own performance. We will uphold the rule of law and the sanctity of contracts, so that disputes are fewer and, where they arise, are resolved quickly and fairly,” he stated.
On his part, Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, said NUPRC has recorded significant achievements in the last five years, attributing the progress to the leadership and reform agenda of the Tinubu administration.
According to him, Nigeria, with crude oil production of about 1.7 million barrels per day and over 37 billion barrels of oil reserves, still requires increased investment, additional licensing rounds, and intensified exploration to unlock the full potential of the nation’s petroleum resources.
The Minister urged the Commission to build on its successes by adopting decisive regulatory measures and eliminating bureaucratic bottlenecks that might discourage investment.
Also speaking, the Chairman of the NUPRC Governing Board, Senator Magnus Abe, said the creation of the Commission under the PIA was evidence that Nigeria was making progress in reforming the oil and gas sector.
