Nigeria moving away from sole dependence on oil — Tinubu

President Bola Tinubu addressed the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday in Abuja, outlining the government's efforts to reduce reliance on oil revenue and promote diversification. He emphasized that while Nigeria has made significant progress in reducing its dependence on oil, the country remains committed to building a diversified, high-growth economy.

Tinubu highlighted gas as a crucial component of the country's energy plans, stating that it could power homes and factories, support stable foreign exchange, and fund the Federation. The President pledged to pursue a just and suitable energy transition, focusing on expanding gas supply for power, industry, and clean cooking, while also promoting renewable energy.

Tinubu credited the Petroleum Industry Act for laying the foundation of the gains made by the NUPRC and emphasized the importance of investors' compliance and accountability. The NUPRC, he said, is the bridge between government policy and investment on the ground, and urged it to keep its processes clear, timelines reliable, and decisions fair.