President Bola Tinubu has announced that Nigeria has achieved a significant reduction in its historical reliance on crude oil revenues, signaling a pivotal transition toward a broader, more diversified economy.

Speaking through Vice President Kashim Shettima at the fifth-anniversary event of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, the President explained that economic reforms anchored on the administration’s “Renewed Hope Agenda” are actively expanding alternative growth drivers.

Key sectors including agriculture, local manufacturing, digital technologies, and creative industries are playing elevated roles to shift the national economic landscape away from single-sector dependence.

Despite the deliberate transition toward non-oil growth, President Tinubu emphasized that a healthy, modernized petroleum and gas industry remains indispensable for providing the foreign exchange, energy security, and capital needed to support the naira and fund national development.

Highlighting gas as a cornerstone for future industrialization, the administration declared the current era a “Decade of Gas,” aiming to leverage Africa’s largest gas reserves to expand domestic electricity supply, power manufacturing hubs, facilitate clean cooking alternatives, and significantly lower industrial carbon emissions.

Furthermore, the President commended regulatory reforms executed under the Petroleum Industry Act (PIA) alongside collaborative security efforts in the Niger Delta, which have stabilized crude production and restored investor confidence.

These measures have positioned Nigeria as a top destination for upstream oil and gas investments on the African continent, creating skilled jobs for local service companies while generating stable revenue to finance broader economic expansion.