Tinubu Declares Nigeria's Shift from Oil Dependency

On October 7, President Bola Ahmed Tinubu declared a significant reduction in Nigeria's reliance on crude oil revenues, marking a pivotal shift towards a diversified economy. Speaking in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), represented by Vice President Kashim Shettima, Tinubu emphasized the administration's efforts to unlock the potential of agriculture, manufacturing, and the digital and creative sectors.

He noted that oil production has become "steadier and stronger" due to collaborative efforts among security agencies, operators, and host communities. Tinubu stated that Nigeria has become the top destination for upstream investment in Africa for two consecutive years, as investors return to the country.

He affirmed the commitment to further reduce oil revenue dependence while ensuring that the energy sector continues to support the economy. The President also announced plans for a just energy transition, declaring this decade as the "decade of Gas," and promised to enhance compliance and accountability in the sector.