Nigeria Shifts Economic Focus Beyond Oil, Tinubu Declares

President Bola Tinubu has declared that Nigeria is gradually moving away from an economy heavily dependent on crude oil revenue, while promising to deepen investments in other productive sectors.

Tinubu made the declaration on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, where he outlined his administration’s plan to use the oil and gas sector as a foundation for broader economic growth rather than as Nigeria’s sole source of revenue.

Represented by Vice President Kashim Shettima, the President said agriculture, manufacturing, digital services and the creative industries were becoming increasingly important to the country’s economic future.

He, however, stressed that petroleum remained critical to Nigeria’s development, particularly because oil earnings provide foreign exchange and support government finances.

Tinubu said gas would play a central role in the next phase of Nigeria’s energy strategy, with plans to expand its use for electricity generation, industrial production and clean cooking.

He also pledged to increase renewable energy development while reducing gas flaring and methane emissions.

The President said improved security, regulatory reforms and the implementation of the Petroleum Industry Act had helped strengthen Nigeria’s petroleum investment climate.

According to him, investors who previously moved away from Nigeria were returning, with the country ranking among Africa’s leading destinations for upstream investment for two consecutive years.

Tinubu said the government would continue to improve the business environment by reducing delays, clarifying fiscal terms and ensuring that contracts and regulations were respected.

He also warned oil and gas operators benefiting from government incentives to meet their obligations on work programmes, local content, environmental protection and host-community development.

The President charged the NUPRC to maintain transparent and predictable regulatory processes, insisting that effective regulation would be essential to attracting the investment needed to unlock Nigeria’s remaining petroleum potential.

He said the ultimate objective was to use the country’s energy resources to build a stronger and more diversified economy capable of creating jobs and expanding opportunities beyond crude oil.

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