President Tinubu Says Nigeria Is Moving Away From Oil as Gas Takes Over the Spotlight

(President Bola Tinubu. Photo by Nigeria Stories)

President Bola Tinubu has said Nigeria has cut its dependence on crude oil revenue and plans to go further, with gas at the centre of the country's energy plans.

Tinubu was represented by Vice President Kashim Shettima at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in Abuja on Tuesday.

His comments were shared in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.

The President said a diversified economy still needs energy, foreign exchange and investment, and that the oil and gas sector provides these.

He said gas can power homes and factories, and that petroleum earnings help keep the naira stable and fund the federation.

He added that his government is building an economy where agriculture, manufacturing and the digital and creative industries all play a part.

Tinubu said Nigeria has the largest gas reserves in Africa and will use them to expand supply for power, industry and clean cooking.

He said the country will also reduce gas flaring and methane emissions while growing renewable energy.

According to him, Nigeria will meet its climate duties without giving up the development and energy access its people deserve.

He said joint efforts by security agencies, operators, host communities and the Commission have made oil production steadier.

Investors who once left the country are returning, he said, and Nigeria has ranked first among Africa's top upstream investment destinations for two years running.

The President praised the Petroleum Industry Act for laying the foundation but said laws only set the rules while investors decide on commercial terms.

He said investors had told the government that good rules were not enough while costs stayed high, contracting took too long and fiscal terms for big projects were unclear, and that the government listened and acted.

He warned that the next phase will demand compliance and accountability.

Operators who enjoy incentives must deliver on their work programmes, local content, the environment and host communities, while the Commission must also report publicly on its own performance.

He promised to uphold the rule of law and respect for contracts so that disputes are fewer and are settled quickly and fairly.

Tinubu described the NUPRC as the bridge between government policy and investment on the ground.

He urged it to keep its processes clear, its timelines reliable, work closely with other agencies so investors are not caught between overlapping rules, and stay firm, fair and independent.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the Commission has recorded big achievements in five years.

He noted that Nigeria produces about 1.7 million barrels of crude a day and has over 37 billion barrels of reserves, but still needs more investment, more licensing rounds and more exploration.

He urged the Commission to remove bureaucratic bottlenecks that could scare off investors.

The Chairman of the NUPRC Governing Board, Magnus Abe, said the creation of the Commission shows Nigeria is making progress in reforming the oil and gas sector.

He credited Tinubu for shielding the regulator from political interference and praised staff for their commitment to transparency and professionalism.

The Chairman of the Senate Committee on Gas, Jarigbe Agom Jarigbe, said the PIA reforms have improved transparency and investment inflows, and that the National Assembly is satisfied with the Commission's performance.

Speaking for the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, the Permanent Secretary in the ministry, Patience Oyekunle, said the clear split between policy, commercial and regulatory roles has made regulation more stable.

She said the government is determined to make the most of the country's gas resources.

The event also saw awards presented to former Directors of the Department of Petroleum Resources, which later became the NUPRC, for their roles in upstream reforms.

It drew stakeholders from the petroleum industry, government institutions and the National Assembly.