President Bola Tinubu has said Nigeria has significantly reduced its dependence on crude oil revenue as his administration works to build a more diversified economy.
The President said agriculture, manufacturing, the digital economy and creative industries are now playing bigger roles in national growth.
Represented by Vice President Kashim Shettima at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, Tinubu said oil production has become more stable through collaboration among security agencies, operators, host communities and regulators.
He said the improved business environment has encouraged investors to return, making Nigeria Africa’s leading destination for upstream oil investment for two consecutive years.
Tinubu said the government will continue reducing its reliance on oil revenue while using the petroleum sector to support economic growth.
He said Nigeria’s vast gas resources will be expanded to power homes, industries and clean cooking across the country.
The President also promised to pursue an energy transition that suits Nigeria’s development needs without slowing economic progress.
He said the government will reduce gas flaring, cut methane emissions and expand renewable energy alongside gas development.
Tinubu assured investors that his administration will uphold the rule of law, protect contracts and promote transparency in the oil and gas sector.
He added that companies benefiting from government incentives must meet their commitments on local content, environmental protection and host community development.
The President praised the NUPRC for its achievements over the past five years and urged the Commission to remain transparent, independent and efficient in carrying out its regulatory duties.
He stressed that his administration will continue removing investment obstacles and creating a business-friendly environment to attract more investment, create jobs and strengthen Nigeria’s economy.