President Bola Tinubu on Tuesday in Abuja said Nigeria has significantly reduced its dependence on crude oil revenue, as he vowed to push the diversification drive further while making gas the centrepiece of the country’s energy plans.
Tinubu, who was represented by Vice President Kashim Shettima, made the remarks at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission, according to a statement signed Tuesday by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha.
Nkwocha quoted the President as saying, “We have already reduced our dependence on oil revenue, and we intend to go further.
“But a diversified economy still needs energy, foreign exchange and investment, and that is where this sector serves the nation.
“Our gas can power homes and factories. Petroleum earnings support a stable naira and help fund the Federation.”
He said that under the Renewed Hope Agenda, his administration was building a diversified, high-growth economy in which agriculture, manufacturing, and the digital and creative industries all play their part, moving the country away from single-sector dependence.
Tinubu pledged to pursue “an energy transition that is just and suited to Nigeria’s needs,” declaring that this is the decade of Gas.
“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.
“Nigeria will meet its climate responsibilities without sacrificing the development and energy access our people deserve,” he said.
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He said a well-run upstream industry could create jobs for Nigerian engineers, fabricators and service companies, adding that the government planned to use petroleum resources to build the wider economy rather than depend on them.
The President said joint efforts by security agencies, operators, host communities and the Commission had made oil production steadier and stronger.
He said investors who once left Nigeria in search of better deals were returning, a development that he said had ranked the country first among Africa’s leading destinations for upstream investment for two years running.
Tinubu credited the Petroleum Industry Act with laying the foundation for the gains but noted that laws only set the rules while investors decide on commercial terms.
Describing his administration as a listening government, he said, “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.”
President Tinubu said the government would not rest until Nigeria became the destination of choice for hydrocarbon investment, but warned that the next phase would insist on compliance and accountability.
“Operators who enjoy incentives must deliver on their commitments to work programmes, local content, the environment and host communities, and the Commission must also account publicly for its own performance,” he stated, adding, “We will uphold the rule of law and the sanctity of contracts, so that disputes are fewer and, where they arise, are resolved quickly and fairly.”
He called the NUPRC “the bridge between government policy and investment on the ground” and charged it “to keep its processes clear and its timelines reliable, to work closely with sister agencies so that investors are not caught between overlapping requirements, and to remain firm, fair and independent in its decisions.”
Acknowledging that five years was a short time in the life of any institution, he commended the Commission for using the period well and urged it to “approach the next five years with the same commitment, integrity, and sense of purpose.”
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the NUPRC had recorded significant achievements in five years, which he attributed to the leadership and reform agenda of the Tinubu administration.
He said Nigeria, with crude oil production of about 1.7 million barrels per day and over 37 billion barrels of reserves, still needed more investment, additional licensing rounds and intensified exploration to unlock the full potential of its petroleum resources.
The Minister urged the Commission to adopt decisive regulatory measures and remove bureaucratic bottlenecks that could discourage investors.
Meanwhile, the Chairman of the NUPRC Governing Board, Magnus Abe, said the creation of the Commission under the PIA showed Nigeria was making progress in reforming the oil and gas sector.
Abe credited its success to Tinubu’s leadership and his decision to shield the regulator from political interference, and commended staff for their “exceptional commitment to transparency, professionalism and operational efficiency.”
The Chairman of the Senate Committee on Gas, Jarigbe Agom Jarigbe, said the PIA reforms had improved transparency, regulatory certainty and investment inflows.
Jarigbe said the National Assembly was satisfied with the Commission’s performance, particularly its contribution to operational efficiency and certainty for investors.
Representing the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, the Permanent Secretary in the ministry, Patience Oyekunle, said the clear separation of policy, commercial and regulatory roles under the new framework had strengthened regulatory stability, with expectations of higher production and greater value for investments.
She reiterated the Federal Government’s determination to maximise Nigeria’s gas resources and urged regulators to build investor trust through regulatory excellence.
Tuesday’s forum event featured the presentation of awards to former Directors of the Department of Petroleum Resources, which was transformed into the NUPRC, in recognition of their contributions to upstream reforms.
It brought together stakeholders from the petroleum industry, government institutions and the National Assembly.
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