President Bola Ahmed Tinubu has said Nigeria has significantly reduced its dependence on crude oil revenue, while promising to push the country’s economic diversification drive further.
Tinubu stated this on Tuesday in Abuja during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
The President, who was represented at the event by Vice President Kashim Shettima, said the administration would continue pursuing policies aimed at reducing the country’s exposure to fluctuations in crude oil revenue.
“We have already reduced our dependence on oil revenue, and we intend to go further,” Tinubu said in remarks conveyed by his Senior Special Assistant on Media and Communications in the Office of the Vice President, Stanley Nkwocha.
The President also identified gas as a central component of Nigeria’s future energy strategy, signalling the administration’s intention to extract greater economic value from the country’s vast hydrocarbon resources while broadening the economy beyond crude oil.
For decades, Nigeria’s public finances and foreign exchange earnings have been heavily influenced by crude oil production, leaving government revenue vulnerable to changes in global oil prices, production disruptions and declining investment in some parts of the upstream sector.
Tinubu’s administration has therefore placed economic diversification and reforms in the petroleum sector among its major policy priorities.
The President’s comments also come at a time when Nigeria is seeking to attract fresh investment into its oil and gas industry, increase production and strengthen the country’s position as an energy supplier.
The upstream sector remains particularly important because higher crude production can provide additional revenue while investment in gas infrastructure could expand domestic energy supply and export opportunities.
Tinubu has repeatedly argued that reforms in the petroleum industry are intended to create a more stable investment environment and unlock resources that have remained underdeveloped for years.
The government is also seeking to use increased domestic refining capacity to reduce dependence on imported petroleum products, while reforms in taxation, revenue collection and other sectors are designed to broaden the country’s fiscal base.
The President’s latest declaration therefore represents a continuation of the administration’s broader economic argument: that Nigeria must use its oil and gas resources to finance a transition towards a more diversified and productive economy rather than remain permanently dependent on crude exports.
Whether that transition delivers lasting results will depend on the government’s ability to sustain investment, improve infrastructure, expand domestic production and ensure that growth in non-oil sectors translates into jobs and higher living standards.
For an economy still deeply connected to petroleum, moving away from sole dependence on oil is a long-term process rather than an overnight shift. Tinubu’s latest pledge suggests the administration intends to make that transition a central feature of its remaining years in office.