Tinubu Declares Major Shift: Nigeria Reduces Oil Revenue Dependency

President Bola Tinubu has announced a significant decline in Nigeria's reliance on crude oil revenue, indicating a monumental shift towards a diversified economy under his administration’s Renewed Hope Agenda. 

Speaking at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, represented by Vice President Kashim Shettima, Tinubu highlighted progress in agriculture, manufacturing, and the digital and creative sectors as part of this transformation.

He noted that improved collaboration among security agencies, operators, and host communities has stabilized oil production, bringing back investors who previously left Nigeria. This resurgence has positioned Nigeria as a top destination for upstream investment in Africa for two consecutive years.

“Our strategy aims to reduce oil dependency while promoting sectors like agriculture and manufacturing,” Tinubu stated. “Our gas resources can power homes and industries, supporting a stable economy.”

The President emphasized the importance of energy transition, asserting, “This is the decade of Gas.” He outlined plans to expand gas supply for power and industry, reduce emissions, and grow renewable energy sources, all while fulfilling Nigeria’s climate responsibilities.

Tinubu also committed to enhancing compliance and accountability within the sector, insisting that operators must fulfill their commitments to local content and environmental standards. He underscored the need for the NUPRC to maintain transparency and efficiency as a bridge between government policy and investment.

Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, echoed Tinubu's sentiments, highlighting the need for increased investment and exploration to fully unlock Nigeria's petroleum potential.

Senator Magnus Abe, Chairman of the NUPRC Governing Board, praised the Commission’s achievements over the past five years, crediting Tinubu's leadership for shielding the regulator from political interference.

The event served as a platform to celebrate the NUPRC's regulatory journey and to strategize for future investments and production enhancements in Nigeria’s oil and gas sector. 

As Nigeria steps into a new era of economic diversification, the focus remains clear: create a robust and sustainable energy landscape while ensuring transparency and accountability for investors.