President Bola Ahmed Tinubu says Nigeria has made real progress in moving away from its long reliance on crude oil earnings, pointing to growth across agriculture, manufacturing, and the digital and creative sectors as proof of a changing economy.
The President spoke on Tuesday in Abuja at an event marking the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Vice President Kashim Shettima represented him at the event.
Oil Production Becoming More Stable
Tinubu credited security agencies, oil operators, host communities, and the Commission for working together to stabilise production. He said this cooperation has made the sector steadier and stronger than before.
As a result, he noted that investors who had previously left Nigeria for other markets are now returning. He pointed to Nigeria’s position as Africa’s top destination for upstream investment for two consecutive years as evidence of renewed confidence.
Diversifying Beyond Oil
Tinubu said his administration’s Renewed Hope Agenda is built around reducing the country’s overreliance on oil revenue.
“We have already reduced our dependence on oil revenue, and we intend to go further,” he said. He added that even a diversified economy still needs energy, foreign exchange, and investment, which is why the oil and gas sector still matters. According to him, gas can power homes and factories, while petroleum earnings help stabilise the naira and fund government operations.
Jobs and the Next Phase
The President said a well-managed upstream sector can create jobs for Nigerian engineers, fabricators, and local service companies. He framed petroleum resources as a tool for building a broader economy, not something the country should depend on indefinitely.
Tinubu also pledged to pursue what he called a just energy transition suited to Nigeria’s specific needs, describing the current period as the country’s “decade of Gas.”
He said his administration will continue pushing for Nigeria to become the top destination for hydrocarbon investment, with a stronger focus on compliance and accountability in the next phase.
