By Chesa Chesa
President Bola Ahmed Tinubu has announced a massive drop in the nation’s reliance on crude revenues, signaling a decisive shift toward a diversified economy that his administration intends to push even further.
He noted that, driven by the Renewed Hope Agenda, the administration has built a diversified, high-growth economy—unlocking the potential of agriculture, manufacturing, and the digital and creative industries to shift the landscape away from single-sector dependence.
Speaking on Tuesday in Abuja during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian leader, who was represented by his deputy, Vice President Kashim Shettima, explained that through the joint effort of security agencies, operators, host communities, and the Commission, oil production is now steadier and stronger
As a result, he declared that investors who once abandoned Nigeria in search of better deals were now returning, a development he said has ranked the country first among Africa’s leading destinations for upstream investment for two years running.
Announcing a massive drop in oil revenue dependence, President Tinubu said, “These gains matter well beyond the oil and gas industry. Under the Renewed Hope Agenda, we are building a diversified economy in which agriculture, manufacturing, the digital and creative industries all play their part.
“We have already reduced our dependence on oil revenue, and we intend to go further. But a diversified economy still needs energy, foreign exchange and investment, and that is where this sector serves the nation. Our gas can power homes and factories. Petroleum earnings support a stable naira and help fund the Federation.”
He stated that a well-run upstream industry is capable of creating jobs for Nigerian engineers, fabricators, and service companies, as his administration plans to use petroleum resources to build the wider economy, rather than depend on them.
The Nigerian leader promised to “pursue an energy transition that is just and suited to Nigeria’s needs,” declaring that this is the decade of Gas.
“With the largest gas reserves in Africa, we will expand gas supply for power, industry and clean cooking, reduce flaring and methane emissions, and grow renewable energy alongside it. Nigeria will meet its climate responsibilities without sacrificing the development and energy access our people deserve,” he added.
The President also vowed that his administration will not rest on its oars until Nigeria becomes the destination of choice for hydrocarbon investment, maintaining that in the next phase, the government will insist on compliance and accountability.
“Operators who enjoy incentives must deliver on their commitments to work programmes, local content, the environment and host communities, and the Commission must also account publicly for its own performance. We will uphold the rule of law and the sanctity of contracts, so that disputes are fewer and, where they arise, are resolved quickly and fairly,” he stated.
Identifying the Petroleum Industry Act (PIA) as a strong foundation for the achievements recorded in the sector, President Tinubu observed, however, that a foundation is only the beginning, as laws only set the rules, while investors decide on commercial terms.
He described his administration as “a listening government,” just as he said, “Investors told us plainly that good rules were not enough while costs remained high, contracting took too long and fiscal terms for complex projects were uncertain. We listened, and we acted.”
