Tinubu: Nigeria has reduced dependence on oil revenue

President Bola Tinubu has announced a reduction in Nigeria’s dependence on crude oil revenue, saying his administration is diversifying the economy through agriculture, manufacturing, and the digital and creative sectors.

Speaking in Abuja on Tuesday at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Tinubu, represented by Vice President Kashim Shettima, said improved oil production was attracting investors back to Nigeria.

According to the Presidency, as reported by Daily Trust, the President said Nigeria had ranked first among Africa’s leading destinations for upstream investment for two consecutive years.

“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.”

Tinubu also declared that Nigeria’s energy transition would be tailored to its needs, saying, “this is the decade of Gas.”

Minister of State for Petroleum Resources, Heineken Lokpobiri, said Nigeria’s 1.7 million barrels-per-day production still required increased investment and exploration.

NUPRC Governing Board Chairman Magnus Abe said the Commission’s creation under the Petroleum Industry Act reflected progress in oil sector reforms.