Nigeria shifts toward economic diversification and gas energy

oil production economic diversification natural gas reserves upstream investment energy transition

President Bola Tinubu has announced a significant reduction in Nigeria's reliance on crude oil revenue, marking a strategic shift toward economic diversification. Speaking at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, the President emphasized that his administration's 'Renewed Hope Agenda' aims to foster growth in agriculture, manufacturing, and the digital and creative industries.

Tinubu declared this the 'decade of Gas,' vowing to make natural gas the centerpiece of the nation's energy plans to power homes and industries while reducing methane emissions. He noted that Nigeria's status as Africa's top destination for upstream investment for two consecutive years reflects returning investor confidence.

Concurrently, the Minister of State for Petroleum Resources, Heineken Lokpobiri, reported that crude oil production has risen to 1.821 million barrels per day. This increase is attributed to improved regulatory frameworks and a rise in active drilling rigs, which have grown from fewer than 10 to over 70 under the current administration.

In the private sector, Seplat Energy Plc has called for accelerated investment in the gas value chain to leverage Nigeria's 215 trillion cubic feet of proven gas reserves, aiming to position the country as a continental gas powerhouse.

Entities

Bola Tinubu · Kashim Shettima · Nigeria · Nigerian Upstream Petroleum Regulatory Commission · Seplat Energy Plc

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] The Deep Offshore Oil and Gas Projects Incentive Tax Order 2026 provides clear investment criteria for projects.
[○ 1 SOURCE] Recent oil and gas reforms aim to unlock up to $50 billion in new deep offshore investments.
[● 8 SOURCES] Nigeria has significantly reduced its reliance on crude oil revenue. von.gov.ng · punchng.com · thepodiummedia.com · nationalaccordnewspaper.com · dailytrust.com · +2 more
[● 5 SOURCES] Nigeria has been ranked as Africa's top destination for upstream investment for two consecutive years. von.gov.ng · nationalaccordnewspaper.com · authorityngr.com · dailytrust.com
[○ 1 SOURCE] The Bonga South-West project is expected to be the first to benefit from new investment incentives.
[● 2 SOURCES] The administration intends to make gas the centerpiece of Nigeria's energy plans. punchng.com · thepodiummedia.com
[○ 1 SOURCE] Nigeria possesses more than 215 trillion cubic feet of proven gas reserves. realnewsmagazine.net