{
  "id": 12429516,
  "title": "Nigeria moving away from sole dependence on oil — Tinubu",
  "url": "https://urgent.news/2026/10/06/nigeria-moving-away-from-sole-dependence-on-oil-tinubu",
  "topic": "world",
  "section": "World",
  "published": "2026-10-06T17:36:25.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/nigeria-moving-away-from-sole-dependence-on-oil-tinubu/"
  },
  "original_language": "en",
  "account": "Nigeria's President Bola Tinubu has announced the country's progress in reducing its reliance on oil revenue, as he highlighted the importance of diversifying the economy and placing gas at the forefront of the nation's energy plans. Speaking at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission, Tinubu emphasized that while the government has already decreased its dependence on oil, gas remains a crucial component of Nigeria's energy sector.\n\nTinubu spoke at the event alongside Vice President Kashim Shettima, and his remarks were relayed by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications. He stressed that a diversified economy requires energy, foreign exchange, and investment, and gas can provide power to homes and factories while supporting a stable naira and funding the Federation. Tinubu outlined the government's vision for a diversified, high-growth economy, with agriculture, manufacturing, digital, and creative industries all playing their part.\n\nUnder the \"Renaissance Agenda,\" Tinubu's administration is committed to fostering an energy transition that is equitable and tailored to Nigeria's needs. With the largest gas reserves in Africa, the country plans to expand gas supply for power, industry, and clean cooking while simultaneously reducing flaring and methane emissions, as well as promoting renewable energy. Tinubu expressed optimism about Nigeria's ability to meet its climate responsibilities without compromising the development and energy access of its people.\n\nThe President also acknowledged the positive impact of the upstream industry on job creation for engineers, fabricators, and service companies, and pledged to use petroleum resources to bolster the broader economy rather than solely relying on them. Tinubu noted that investors who were previously deterred have now returned, ranking Nigeria first among Africa's leading destinations for upstream investment for two consecutive years. He credited the Petroleum Industry Act for laying the groundwork for this progress but emphasized that laws only establish the rules while investors decide on commercial terms.\n\nTinubu described his administration as a listening government, emphasizing that the feedback from investors regarding high costs, lengthy contracting processes, and uncertain fiscal terms led to improvements. The President underscored the government's commitment to upholding the rule of law and the sanctity of contracts, ensuring fewer disputes and quicker, fairer resolutions when they occur.\n\nHeineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its significant achievements over the past five years, attributing these successes to the Tinubu administration's reform agenda. Lokpobiri urged the Commission to maintain its focus on clear processes, reliability, and independence as it enters the next phase of its mandate.\n\nMagnus Abe, the Chairman of the NUPRC Governing Board, credited Tinubu's leadership for protecting the regulator from political interference and commended staff for their dedication to transparency, professionalism, and operational efficiency. Jarigbe Agom Jarigbe, the Chairman of the Senate Committee on Gas, highlighted the improvements in transparency, regulatory certainty, and investment inflows resulting from the Petroleum Industry Act reforms. The National Assembly has expressed satisfaction with the Commission's performance, particularly its contributions to operational efficiency and investor certainty.\n\nPatience Oyekunle, the Permanent Secretary in the Ministry of State for Petroleum Resources (Gas), emphasized the importance of separating policy, commercial, and regulatory roles under the new framework to strengthen regulatory stability and boost production and investment value. She affirmed the Federal Government's commitment to maximizing Nigeria's gas resources and called on regulators to build investor trust through regulatory excellence.",
  "summary": "President Bola Tinubu on Tuesday in Abuja said Nigeria has significantly reduced its dependence on crude oil revenue, as he vowed to push the diversification drive further while making gas the centrepiece of the country’s energy plans. Tinubu, who was represented by Vice President Kashim Shettima, made the remarks at the fifth anniversary of the Read More:…",
  "key_points": [
    "President Bola Tinubu announces Nigeria's reduced oil dependence.",
    "Gas highlighted as crucial energy component for diversified economy.",
    "Renaissance Agenda aims for equitable, tailored energy transition."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Punch Nigeria",
        "title": "Nigeria moving away from sole dependence on oil — Tinubu",
        "url": "https://urgent.news/2026/10/06/nigeria-moving-away-from-sole-dependence-on-oil-tinubu-12430284",
        "published": "2026-10-06T17:40:18.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}