President Bola Tinubu has reaffirmed his administration’s determination to reposition Nigeria’s oil and gas sector as a catalyst for broader economic growth, insisting that the country must move beyond dependence on crude oil revenues.
Tinubu said his administration’s Renewed Hope Agenda was already driving efforts to diversify the economy by expanding agriculture, manufacturing, digital technology and the creative industries.
The President spoke on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), where he was represented by Vice President Kashim Shettima.
According to Tinubu, improvements in crude oil production, achieved through collaboration among security agencies, oil operators, host communities and regulators, have helped restore confidence in Nigeria’s petroleum industry.
He said the renewed stability in the sector was also attracting investors who had previously moved their capital elsewhere, noting that Nigeria had emerged as Africa’s leading destination for upstream investment for two consecutive years.
Tinubu maintained that although Nigeria was reducing its dependence on oil revenues, petroleum resources would remain critical to the country’s economic development.
“We have already reduced our dependence on oil revenue, and we intend to go further,” he said, stressing that the sector remains important for energy supply, foreign exchange earnings and national development.
The President also placed strong emphasis on natural gas, declaring that the current decade should be regarded as Nigeria’s “decade of Gas.”
He said Nigeria’s vast gas reserves would be deployed to support electricity generation, industrial development and clean cooking, while the government would also intensify efforts to reduce gas flaring and methane emissions.
Tinubu said Nigeria would pursue an energy transition that reflects the country’s development needs, arguing that climate commitments should not come at the expense of energy access and economic growth.
He further assured investors that his administration would strengthen regulatory certainty, uphold contracts and ensure that disputes in the petroleum sector are resolved quickly and fairly.
The President challenged oil and gas operators benefiting from government incentives to fulfil their commitments to work programmes, local content, environmental protection and host communities.
He similarly tasked the NUPRC with maintaining transparency, accountability and independence while ensuring that its regulatory processes remain predictable and efficient.
Tinubu described the Petroleum Industry Act as an important foundation for reforms in the petroleum sector but acknowledged that legislation alone could not guarantee investment.
He said investors had raised concerns about high costs, lengthy contracting processes and uncertainty surrounding fiscal terms for complex projects, adding that his administration had listened and taken steps to address the challenges.
The President urged the NUPRC to serve as an effective link between government policy and actual investment, calling on the regulator to simplify processes, provide reliable timelines and coordinate effectively with other government agencies.
Meanwhile, Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, said Nigeria still needed substantial investment, additional licensing rounds and intensified exploration to fully exploit its petroleum potential.
He noted that the country currently produces about 1.7 million barrels of crude oil per day and has more than 37 billion barrels of oil reserves.
NUPRC Governing Board Chairman, Senator Magnus Abe, credited the Commission’s progress to the Tinubu administration’s leadership and its decision to protect the regulator from political interference.
Other stakeholders at the event also commended the Commission for improving transparency, regulatory certainty and investor confidence since its establishment under the Petroleum Industry Act.
The fifth anniversary provided an opportunity for government officials, regulators, lawmakers and industry stakeholders to assess the NUPRC’s achievements and outline strategies for attracting more investment, increasing production and unlocking greater value from Nigeria’s petroleum resources.
The message from the administration was clear: Nigeria intends to use its oil and gas wealth not merely as a source of government revenue, but as a foundation for industrialisation, energy security, job creation and wider economic diversification.
