Nigeria Oil and Gas Sector Expansion: FG, Investors Push Offshore Growth, Refining Capacity, and Energy Reforms
Nigeria’s oil and gas sector expansion took center stage as President Bola Tinubu and top government officials joined global investors in Paris, France, and energy stakeholders at the Offshore Technology Conference (OTC) in Houston, United States. The meetings were used to position Nigeria as a competitive destination for energy investment while showcasing ongoing reforms in the country’s oil and gas industry.
President Tinubu told investors, including representatives from Citibank, Amundi, PGIG, and other global financial institutions, that the removal of fuel subsidy was a necessary step to stabilize Nigeria’s economy. He explained that the policy shift, alongside currency reforms, has helped improve foreign exchange stability and renewed international investor confidence in Nigeria’s economic direction.
Speaking through his aides, Tinubu maintained that his administration is focused on removing economic distortions, strengthening fiscal discipline, and ensuring transparency in the oil value chain. Finance Minister Taiwo Oyedele also reinforced the government’s position, stressing that fuel subsidies will not return, describing them as unsustainable and harmful to market efficiency.
At the Offshore Technology Conference in Houston, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) highlighted a major shift in the sector, including a target to eliminate gas flaring by 2030 and achieve net-zero emissions by 2060. The commission also revealed that nearly 100 indigenous companies are now actively operating in Nigeria’s oil and gas space, signaling a gradual shift from foreign dominance to local participation in energy production and technology.
Industry stakeholders at the event, including the Petroleum Technology Association of Nigeria (PETAN), projected that Nigeria could reach up to one million barrels per day in active refining capacity soon, while aiming for three million barrels per day in production within five years. They emphasized that technology, investment partnerships, and policy reforms will be key to unlocking Nigeria’s full energy potential and reducing dependence on fuel imports.
source: newtelegraph