FG Offers To Help Diversify Global Hydrocarbon Supply

Nigeria has said it would provide necessary assistance to help achieve global hydrocarbon supply given its safety environment in the face of raging conflict in the Middle East.

Speaking with Reuters on Wednesday, Nigeria’s Foreign Affairs Minister Yusuf Maitama Tuggar urged Gulf oil and gas producers to see Nigeria as a strategic partner and increase investment in its energy sector.

Geopolitical tensions in the Middle East have brought the issue of diversifying global oil supply back into focus and the country says it could play a larger role in meeting international hydrocarbon demand.

Tuggar said countries that view Nigeria as competitors should instead partner with it and invest in its energy sector to diversify their exposure to global markets.

The minister said Nigeria holds underdeveloped hydrocarbon reserves that could add to global supply and called on investors to fund exploration, oilfield development and infrastructure to boost production.

Data published in February 2026 by the Nigerian Upstream Petroleum Regulatory Commission showed the sector generated 55.5 trillion naira ($37 billion) in gross revenue in 2025, up from 50.88 trillion naira ($34 billion) in 2024. Average production stood at 1.45 million barrels per day at an average price of $72.08 per barrel.

Tuggar’s comments come as tensions in the Middle East disrupt oil shipments, particularly around the Strait of Hormuz, a key route for global hydrocarbon trade. According to the U.S. Energy Information Administration, about one-fifth of the world’s oil consumption passes through the waterway.

Nigeria is seeking to deepen energy cooperation with international partners. The country signed a comprehensive economic partnership agreement with the United Arab Emirates in January to boost trade and investment. Qatar-linked investors have also announced plans to invest in Nigeria’s gas sector.

Africa’s largest oil producer, Nigeria is targeting a doubling of production by 2030 after averaging 1.64 million barrels per day in the first eleven months of 2025.