President Bola Tinubu has expressed his unwavering confidence in Nigeria’s potential to be a global powerhouse in the energy sector, driven by strategic reforms, innovative policies, and a steadfast commitment to sustainable development.
Tinubu spoke while declaring open the 2025 Edition of the Nigeria International Energy Summit (NIES) holding in Abuja, with the theme, “Bridging Continents: Connecting Investors Worldwide With Africa’s Energy Potential.”
Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, the President said, Nigeria’s energy sector has long been a cornerstone of the nation’s economy, contributing significantly to government revenue, employment, and foreign exchange earnings.
He said, the landmark projects in refining and processing not only ensure that the country meet its domestic demand, but also positions Nigeria as a competitive player in the global markets.
“Nigeria is now home to the largest single-trail refinery in the world, the Dangote Refinery, which is a private refinery and also the biggest refinery in Africa. And this is due to the enabling environment created to support such investments, and we have more incentives for more investors looking into this sector,” he said.
President Tinubu said that for close to two years, his administration has remained resolute in driving reforms and milestones in Nigeria’s energy sector and the economy at large.
These reforms, according to him, had liberalized Nigeria’s economy, making it an investment destination of choice.
“The removal of the PMS subsidy and FX liberalization are two of the main reforms of this administration in this first year,” he said.
President Tinubu highlighted other key achievements that position the economy as a global energy powerhouse, to include the introduction of the sale of crude oil in Naira.
“This strategic move not only enhances the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs, but also fosters a stronger and more stable domestic market. By denominating crude sales in Naira, we are supporting the local currency and creating a more resilient economy.
“This initiative is expected to result in more affordable petroleum products for our citizens, ultimately improving their standard of living and stimulating economic growth. And this is also going to alleviate the effects of the PMS subsidy removal,” he said.
The President said, the selection of Nigeria as a host country for the headquarters of the African Energy Bank was also a historic milestone in the nation’s energy sector.
“This achievement reaffirms our leadership in Africa’s energy landscape and our commitment to driving sustainable development across the continent.
“By securing this prestigious institution, we have positioned Nigeria as the hub for energy financing, fostering investment, innovation and job creation.
“This milestone underscores our dedication to energy security, economic growth and regional cooperation, ensuring a brighter, more prosperous future for all Nigerians and Africans,” he said.
President Tinubu noted that the enactment and implementation of the Petroleum Industry Act, the PIA, has also strengthened the regulatory framework of the nation’s energy sector.
“We have successfully repositioned the Nigeria National Petroleum Company, MNPCL, as a fully commercial entity, enhancing efficiency, transparency and competitiveness. We have also issued far-reaching executive orders that have seen a return of investment into our oil and gas sector,” the President said.
He said, in the upstream sector, the nation has witnessed increased crude oil production owing to strategic interventions in security, development and investment incentives.
“Our production has steadily recovered, ensuring that Nigeria remains a key player in the global oil market. The launch of the Presidential Executive Order on Oil and Gas Sector Reforms has streamlined processes, fast-tracked licensing rounds and encouraged indigenous participation that were fostering local content development.
“We have seen increasing investment announcements and innovative ways to support the oil and gas sector and we are open to receiving more of such exciting announcements…
Our administration is committed to school incentives, streamlined regulatory processes and robust public-private partnerships. The recent licensing rounds in the oil and gas sector have attracted interest from both local and international investors, reinforcing Nigeria’s position as the preferred energy investment destination,” he said.
The President informed that the administration is implementing a series of comprehensive reforms in fiscal and tax policies, aimed at creating a more business-friendly environment and attract both local and international investments.
“By simplifying our tax regulations, offering incentives and ensuring a more transparent and predictable fiscal framework, we aim to remove barriers to entry and support the growth of businesses in Nigeria.
“These measures will not only make it easier for companies to invest and operate in our country, but also stimulate economic development, growth and prosperity of our nation. Ladies and gentlemen, the investment landscape in Nigeria’s energy sector is brimming with opportunities. Driven by a fair regulatory environment and strategic initiatives aimed at attracting all kinds of investors,” he said.
Tinubu highlighted that the country needs investments in the oil and gas exploration and production sector, and has developed new oil blocks, noting that the administration’s commitment to improving security in oil and gas producing regions and streamlining regulatory processes has created a conducive environment for investment.
Secondly, he said, the administration is committed to diversifying the nation’s energy mix which presents significant opportunities in the renewable energy sector, adding that Investors could explore solar energy projects, giving Nigeria’s abundant solar resources, as well as wind and hydro power projects.
He revealed that the nation has unveiled a hydrogen development agenda to strengthen its abundant natural resources and strategic geographic position, therefore, urged stakeholders to be part of the nation’s hydrogen journey.
Tinubu expressed the government’s readiness to rapidly develop its large deposits of copper, lithium, nickel, cobalt and rare earth minerals which are all very critical for clean energy technologies and investment opportunities, in addition to building local refining capacities for these resources to ensure more value addition and more revenue to the country.
He reaffirmed the country’s commitment to bridging continents, strengthening investments and positioning Nigeria as a global leader in energy transformation.
