Nigeria’s Economy No Longer Solely Dependent On Oil – Tinubu Declares

President Bola Ahmed Tinubu has said Nigeria has reduced its dependence on oil revenue, stressing that his administration is working to build a more diversified economy driven by agriculture, manufacturing, digital and creative industries.

Tinubu stated this on Tuesday in Abuja during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He was represented at the event by Vice President Kashim Shettima.

According to a statement by the Vice President’s spokesman, Stanley Nkwocha, the president said improved oil production, supported by security agencies, operators, host communities and the NUPRC, had helped strengthen the upstream sector.

He said the development had also contributed to renewed investor interest in Nigeria, with the country ranking among Africa’s leading destinations for upstream investment.

“These gains matter well beyond the oil and gas industry. Under the Renewed Hope Agenda, we are building a diversified economy in which agriculture, manufacturing, the digital and creative industries all play their part.

“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,” Tinubu said.

He said the government would use petroleum resources to support the wider economy rather than remain dependent on them, adding that a well-run upstream industry could create jobs for Nigerian engineers, fabricators and service companies.

The president also pledged to pursue an energy transition suited to Nigeria’s needs, describing the period ahead as 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,” he said.

Tinubu said his administration would continue working to make Nigeria a preferred destination for hydrocarbon investment while insisting on compliance and accountability across the sector.

“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 said.

The president identified the Petroleum Industry Act (PIA) as a strong foundation for reforms in the sector but said its implementation remained crucial to attracting investment.

He said investors had raised concerns over high costs, lengthy contracting processes and uncertainty around fiscal terms for complex projects.

“We listened, and we acted,” Tinubu said, adding that the NUPRC had an important role as “the bridge between government policy and investment on the ground”.

He charged the commission with maintaining clear processes, reliable timelines, and close coordination with other government agencies to prevent overlapping requirements for investors.

Tinubu, while acknowledging that five years was a relatively short period in the life of an institution, commended the NUPRC for its performance and urged it to approach the next five years with “the same commitment, integrity, and sense of purpose”.

Speaking at the event, the Minister of State for Petroleum Resources, Oil, Sen. Heineken Lokpobiri, said the NUPRC had recorded significant achievements over the past five years, attributing the progress to reforms under the Tinubu administration.

Lokpobiri said Nigeria, with crude oil production of about 1.7 million barrels per day and more than 37 billion barrels of oil reserves, still required increased investment, additional licensing rounds and intensified exploration to unlock its petroleum resources.

He urged the commission to sustain its progress by adopting decisive regulatory measures and eliminating bureaucratic bottlenecks that could discourage investment.

Also speaking, the Chairman of the NUPRC Governing Board, Sen. Magnus Abe, said the creation of the commission under the PIA demonstrated progress in reforming the oil and gas sector.

Abe credited the commission’s achievements to Tinubu’s leadership and what he described as the president’s decision to shield the regulator from political interference.

Chairman of the Senate Committee on Gas, Sen. Jarigbe Agom Jarigbe, said the reforms introduced through the PIA had improved transparency, regulatory certainty and investment inflows into the sector.

Representing the Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, the Permanent Secretary in the ministry, Mrs Patience Oyekunle, said the establishment of the NUPRC had transformed the regulatory framework of the petroleum industry.

She said the separation of policy, commercial and regulatory responsibilities under the new framework had strengthened regulatory stability, with expectations of increased production and greater value from investments in the sector.

The anniversary also featured the presentation of awards to former Directors of the Department of Petroleum Resources (DPR), which was transformed into the NUPRC, in recognition of their contributions to reforms in the upstream petroleum sector.