Tinubu Declares Reduced Oil Revenue Dependence in Nigeria

President Bola Ahmed Tinubu announced a substantial decrease in Nigeria's dependence on crude oil revenues, indicating a strategic shift towards a diversified economy. Speaking in Abuja during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), represented by Vice President Kashim Shettima, Tinubu outlined the administration's commitment to the Renewed Hope Agenda.

He noted that the government has made strides in stabilizing oil production and attracting investors back to Nigeria, which has been ranked as Africa's top destination for upstream investment for two consecutive years. Tinubu emphasized the need for energy, foreign exchange, and investment in a diversified economy, asserting that petroleum resources will be utilized to bolster the broader economy rather than solely relying on them.

He also committed to a just energy transition, focusing on expanding gas supply and reducing emissions while meeting climate responsibilities. The President pledged to ensure compliance and accountability among operators in the oil sector to foster a conducive investment environment.