Oil
Tinubu highlights economic diversification at NUPRC anniversary
President Bola Ahmed Tinubu stated that Nigeria has lowered its reliance on oil revenues during the fifth anniversary of the industry regulator.
Key points
- President Tinubu emphasized ongoing diversification efforts across agriculture, manufacturing, and digital sectors.
- Upstream sector improvements have boosted investor confidence and production levels.
- The administration aims to expand gas supply during the designated 'decade of gas'.
President Bola Ahmed Tinubu announced that Nigeria has decreased its economic reliance on petroleum earnings, aiming instead for a diversified model spanning agriculture, manufacturing, and the creative industries. According to LEADERSHIP Newspapers, the president delivered these remarks on Tuesday in Abuja during an event marking five years of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Vice President Kashim Shettima represented the head of state at the anniversary celebration.
Upstream sector progress
Leadership noted that enhanced crude output, backed by security forces, industry operators, and the regulatory body, has strengthened the upstream sector and drawn renewed foreign interest. Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri reported daily production at approximately 1.7 million barrels, alongside reserves exceeding 37 billion barrels. Lokpobiri emphasized the necessity for additional exploration and licensing rounds to fully unlock these hydrocarbons. Meanwhile, NUPRC Governing Board Chairman Magnus Abe credited the institution's success to leadership that shielded the regulator from political interference.
Energy transition and the decade of gas
Tinubu outlined plans to utilize petroleum resources to bolster the broader economy while pursuing a tailored energy transition. Citing the nation's substantial gas reserves, the administration designated the coming years as the "decade of gas" to expand domestic power generation, industrial use, and clean cooking solutions. World Bank figures from 2024 indicate that only 28 percent of the Nigerian population has access to clean cooking, highlighting the domestic need for such expansion. Officials also noted that the Petroleum Industry Act remains a foundational framework for resolving investor concerns regarding high operational costs and lengthy contracting procedures.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
