Tinubu Unveils Plans for Nigeria's Oil-Driven Economy

At the 5th anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, President Bola Tinubu declared that Nigeria would leverage its oil and gas resources to establish a modern, diversified economy. He challenged industry operators to respond to the regulatory reforms and incentives introduced by his administration with increased investment, production, and local content development.

Tinubu, represented by Vice President Kashim Shettima, highlighted measures aimed at addressing high operating costs and lengthy contracting processes, including the 2024 tax incentives and the 2025 upstream petroleum operations cost-efficiency incentive order. He noted that the latest deep offshore incentive framework could unlock up to $50 billion in new investments, starting with the Bonga Southwest project.

Tinubu emphasized the importance of the Petroleum Industry Act (PIA) in providing a predictable framework for investors and acknowledged improvements in security and community engagement in oil-producing areas.