Oil
Nigeria eyes oil wealth for wider economic growth
President Bola Tinubu pledged to leverage Nigeria's petroleum sector to fund broader economic diversification during the NUPRC fifth anniversary event.
Key points
- NUPRC bid rounds have unlocked $103 billion in investment spending and projections over five years.
- Nigeria's share of sanctioned upstream investments in Africa rose significantly following the Petroleum Industry Act.
- Crude and gas output increased alongside improved security measures and streamlined regulatory approvals.
Government officials and industry operators gathered in Abuja to mark five years of the Petroleum Industry Act and the establishment of the Nigerian Upstream Petroleum Regulatory Commission, THISDAYLIVE reported. Representing President Bola Tinubu, Vice President Kashim Shettima stated that the administration aims to channel petroleum revenues into building a diversified economy spanning agriculture, manufacturing, and creative industries.
According to World Bank figures from 2025, fuel exports account for 85.9 percent of the country's merchandise exports, illustrating the heavy reliance that current reforms aim to balance. Tinubu noted that recent fiscal incentives, such as tax remissions and cost-efficiency directives, were introduced to address investor complaints regarding high operating costs and lengthy contracting timelines.
Reviewing the agency's operational milestones, NUPRC Chief Executive Oritsemeyiwa Eyesan announced that competitive licensing rounds have generated $103 billion in tracked investment commitments. Eyesan highlighted that Nigeria secured 38 percent of all upstream investments sanctioned across Africa, representing a marked improvement from previous years.
Production metrics have also recovered amid enhanced collaboration between security agencies, operators, and host communities to curb infrastructure sabotage. Output expanded during the opening months of the year alongside higher natural gas volumes. Regulators cautioned that beneficiaries of government incentives must strictly fulfil their work programmes, environmental mandates, and local content obligations.
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.
