Nigeria moving beyond dependence on oil revenue — Tinubu

President Bola Tinubu says Nigeria is moving away from its long-standing dependence on crude oil revenue, with gas set to play a central role in the country’s energy and economic strategy.

Tinubu, represented by Vice President Kashim Shettima, made the declaration on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The President said his administration would deepen economic diversification while using the country’s petroleum resources to support growth in other sectors.

“We have already reduced our dependence on oil revenue, and we intend to go further,” Tinubu said.

He said a diversified economy still required energy, foreign exchange and investment, adding that the petroleum sector remained important to providing those resources.

Tinubu also declared the current period “the decade of Gas”, citing Nigeria’s large gas reserves and plans to expand gas supply for electricity generation, industry and clean cooking.

“With the largest gas reserves in Africa, we will expand gas supply for power, industry and clean cooking, reduce flaring and methane emissions, and grow renewable energy alongside it,” he said.

The President said Nigeria would pursue an energy transition suited to its circumstances without compromising development or access to energy.

He added that a stronger upstream petroleum sector could create opportunities for Nigerian engineers, fabricators and service companies while helping to build a broader economy.

Tinubu said improved collaboration among security agencies, oil companies, host communities and the NUPRC had contributed to more stable oil production.

He also claimed that investors who previously left Nigeria were returning, saying the country had ranked first among Africa’s leading destinations for upstream investment for two consecutive years.

The President attributed part of the progress to reforms introduced under the Petroleum Industry Act (PIA), but acknowledged that investors had raised concerns over high costs, slow contracting processes and uncertainty around fiscal terms for complex projects.

“Investors told us plainly that good rules were not enough while costs remained high, contracting took too long and fiscal terms for complex projects were uncertain. We listened, and we acted,” he said.

Tinubu said the government would continue to pursue policies aimed at making Nigeria a preferred destination for hydrocarbon investment, while demanding greater compliance and accountability from operators and regulators.

He said operators benefiting from incentives must meet their obligations on work programmes, local content, environmental protection and host communities.

The President also charged the NUPRC to maintain transparent processes, reliable timelines and independence in its regulatory decisions.

Meanwhile, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria still needed increased investment, additional licensing rounds and intensified exploration to maximise its petroleum resources.

Lokpobiri said the country was producing about 1.7 million barrels of crude oil per day and had more than 37 billion barrels of reserves.

The Chairman of the NUPRC Governing Board, Magnus Abe, commended the commission’s staff for their commitment to transparency and professionalism, while Senate Committee on Gas Chairman, Jarigbe Agom Jarigbe, said the PIA reforms had improved regulatory certainty and investment inflows.

The forum also featured awards to former Directors of the Department of Petroleum Resources (DPR), which was transformed into the NUPRC, for their contributions to upstream sector reforms.