President Bola Tinubu said Nigeria has continued to break away from its long-standing dependence on oil revenue and is moving further into agriculture, manufacturing, gas and the digital economy.
Tinubu spoke on Tuesday through Vice President Kashim Shettima at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The president said his administration intends to reduce the country’s reliance on petroleum revenue further.
He said efforts by security agencies, operators, host communities and the NUPRC to stabilise oil production had helped attract investors back to Nigeria.
“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,” he stated.
“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.”
Tinubu said the government would use the petroleum sector to create jobs for Nigerian engineers, fabricators and service companies and support other areas of the economy without deepening dependence on oil revenue.
Tinubu also pledged to “pursue an energy transition that is just and suited to Nigeria’s needs,” while 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 added.
The president said the government would continue working to make Nigeria a preferred destination for hydrocarbon investment, while demanding greater compliance and accountability from operators and regulators.
“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. 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 stated.
Tinubu described the Petroleum Industry Act (PIA) as a strong foundation for reforms in the sector but said laws alone could not determine investment decisions.
He said investors had raised concerns over high costs, lengthy contracting processes and uncertainty around fiscal terms for complex projects.
The President 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.”
He charged the NUPRC with improving the implementation of government policy, describing the Commission as “the bridge between government policy and investment on the ground”.
Tinubu urged the regulator “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.”
He also urged the NUPRC to maintain its commitment to its regulatory responsibilities as it begins its next five years.
Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, said the NUPRC had recorded significant achievements since its establishment five years ago.
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 needed increased investment, additional licensing rounds and intensified exploration to maximise its petroleum resources.
He urged the Commission to adopt decisive regulatory measures and remove bureaucratic bottlenecks that could discourage investment.
Chairman of the NUPRC Governing Board, Senator Magnus Abe, said the establishment of the Commission under the PIA demonstrated progress in reforming the petroleum sector.
Abe attributed the Commission’s performance to the Tinubu administration’s leadership and its decision to shield the regulator from political interference. He also commended NUPRC management and staff for their commitment to transparency, professionalism and operational efficiency.
Chairman of the Senate Committee on Gas, Senator Jarigbe Agom Jarigbe, said the PIA reforms had improved transparency, regulatory certainty and investment inflows in the oil and gas sector.
He said the National Assembly was satisfied with the NUPRC’s performance as the upstream regulator, particularly its contribution to operational efficiency and greater certainty for investors.
Representing the Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, the Permanent Secretary in the ministry, Mrs Patience Oyekunle, said the creation of NUPRC under the PIA had brought a significant change to the regulation of Nigeria’s petroleum industry.
She said the separation of policy, commercial and regulatory responsibilities under the new framework had strengthened regulatory stability, with expectations of higher production and increased value from investments in the sector.
Oyekunle reiterated the Federal Government’s commitment to developing Nigeria’s gas resources and urged regulators to strengthen investor confidence through regulatory performance.
The anniversary also featured awards to former Directors of the Department of Petroleum Resources (DPR), which was transformed into the NUPRC, for their contributions to reforms in the upstream petroleum sector.
