{
  "id": 12444286,
  "title": "Tinubu: Nigeria Has Witnessed Major Drop In Crude Oil Revenue Reliance",
  "url": "https://urgent.news/2026/10/06/tinubu-nigeria-has-witnessed-major-drop-in-crude-oil-revenue-reliance",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-06T18:52:20.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/06/tinubu-nigeria-has-witnessed-major-drop-in-crude-oil-revenue-reliance/"
  },
  "original_language": "en",
  "account": "President Bola Tinubu recently announced a significant decline in Nigeria's dependence on crude oil revenues, signaling a shift toward a more diversified economy. Speaking at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, Tinubu emphasized that the administration's Renewed Hope Agenda has propelled the nation toward growth across various sectors, including agriculture, manufacturing, and digital industries.\n\nTinubu highlighted that renewed investments in Nigeria have returned, ranking the country first among Africa's leading destinations for upstream investment for the past two years. He explained that through joint efforts between security agencies, operators, host communities, and the Commission, oil production has become more stable and robust.\n\nThe President proclaimed that investors previously attracted to better deals are now returning to Nigeria, affirming that his administration's commitment extends beyond oil and gas. He stressed the importance of expanding gas supply for power, industry, and clean cooking, reducing flaring and methane emissions, and growing renewable energy, all while meeting Nigeria's climate responsibilities.\n\nTinubu pledged to pursue an energy transition that is just and suited to Nigeria's needs, declaring that the decade of gas has commenced. He assured that the government will not rest until Nigeria becomes the preferred destination for hydrocarbon investment, with strict compliance and accountability measures to be enforced. He also acknowledged the Petroleum Industry Act (PIA) as a solid foundation for sectorial achievements but emphasized that laws alone do not dictate commercial terms; investors hold the final say.\n\nMinister of State for Petroleum Resources, Senator Heineken Lokpobiri, praised the NUPRC's accomplishments during the last five years, attributing the progress to the Tinubu administration's reform agenda. He urged the Commission to continue its efforts by implementing decisive regulatory measures and eliminating bureaucratic bottlenecks to attract more investments.\n\nThe Chairman of the NUPRC Governing Board, Senator Magnus Abe, attributed the Commission's success to President Tinubu's leadership and his commitment to shielding the regulator from political interference. He applauded the Commission's staff for their professional and transparent work over the past five years.\n\nLastly, Senator Jarigbe Agom Jarigbe, Chairman of the Senate Committee on Gas, expressed satisfaction with the NUPRC's performance, crediting the reforms introduced through the PIA for improved transparency, regulatory certainty, and investment inflows into Nigeria's oil and gas sector.",
  "summary": ".Vows to pursue energy transition suited to the nation’s needs, expand gas supply for power, industry Deji Elumoye in Abuja President Bola Tinubu on Tuesday announced a massive drop in",
  "key_points": [
    "President Bola Tinubu announced a major decline in Nigeria's dependence on crude oil revenues.",
    "Renewed Hope Agenda has propelled Nigeria toward growth across various sectors.",
    "Investors attracted to better deals are returning to Nigeria."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "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."
}