Tinubu's Reforms Transform Nigeria's Oil and Gas Sector

As Nigeria celebrates its 66th Independence Anniversary on October 1, 2026, the country is experiencing a pivotal shift in its oil and gas sector. Since May 2023, President Bola Ahmed Tinubu has initiated major reforms, including the removal of the petrol subsidy, which had previously burdened the national treasury by consuming over ₦4 trillion annually.

This subsidy removal has restored commercial viability to the sector, encouraging investment and increasing domestic refining capacity. Farouk Ahmed, then Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), announced a new open-market framework, stating that prices would now be dictated by market forces rather than fixed by the regulator.

The operationalization of the 650,000 barrels per day Dangote Petroleum Refinery and modular refineries in the Niger Delta has begun reducing Nigeria's reliance on imported refined fuels. Additionally, on February 28, 2024, President Tinubu signed an Executive Order to streamline contracting processes in the upstream sector, significantly reducing project execution times.