Nigeria has reduced reliance on oil revenue – Tinubu

President Bola Ahmed Tinubu has announced a significant reduction in Nigeria's dependence on oil revenues, marking a pivotal move toward a more diversified economy. In remarks during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the President emphasized that his administration has successfully constructed a high-growth, multifaceted economy that leverages agriculture, manufacturing, and the digital and creative sectors to move away from the traditional single-sector dependence.

Delivered in Abuja, Tinubu, who was represented by Vice President Kashim Shettima, stated that oil production has become more stable and robust, thanks to the collaborative efforts of security forces, operators, host communities, and the regulatory body. This stability has attracted a surge of investors, positioning Nigeria as Africa's premier location for upstream investments for the past two years.

Reflecting on the gains, Tinubu noted that these improvements extend beyond the oil and gas sector, highlighting the government's commitment to a diversified economy through the Renewed Hope Agenda. The administration has already begun to diminish its reliance on oil revenue and aims to continue this trend. However, Tinubu stressed that a diversified economy requires sustained energy provision, foreign exchange, and investment, underscoring the sector's crucial role in powering homes, factories, and funding the nation's fiscal stability.

He further explained that a well-managed upstream industry can generate employment opportunities for Nigerian engineers, fabricators, and service providers, with the government's strategy focused on utilizing petroleum resources to bolster the broader economy rather than solely depending on them.

Tinubu pledged to implement a just and suited energy transition, positioning the next decade as the "Gas" era. He also affirmed the administration's resolve to remain a top destination for hydrocarbon investment, vowing to ensure that operators fulfill commitments related to work programs, local content, environmental stewardship, and community engagement.

The NUPRC's performance will be scrutinized publicly, with the administration committed to upholding the rule of law and contractual integrity to minimize disputes and resolve any that do arise swiftly and fairly. Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, Oil, credited the NUPRC's past achievements to the Tinubu administration's regulatory reforms and urged the Commission to continue its success by addressing bureaucratic hurdles that could deter investment.

Lastly, Senator Magnus Abe, the Chairman of the NUPRC Governing Board, noted that the establishment of the Commission was a testament to Nigeria's progress in refining its oil and gas sector.