Tinubu Reaffirms Commitment to Energy Sector Reforms at NIES 2026
Tinubu Reaffirms Commitment to Energy Sector Reforms at NIES 2026
Tinubu Reaffirms Commitment to Energy Sector Reforms at NIES 2026
President Bola Ahmed Tinubu has reiterated his administration’s determination to transform Nigeria’s energy sector through decisive reforms, sustained implementation of the Petroleum Industry Act (PIA), and investor-friendly policies aimed at boosting production, strengthening transparency and unlocking growth.
The President made this known at the official opening ceremony of the 9th Nigeria International Energy Summit (NIES) 2026 in Abuja on Tuesday, February 3, 2026. Represented by Vice President Kashim Shettima, Tinubu said his government inherited an energy sector rich in potential but constrained by inefficiencies and prolonged underinvestment, making bold action necessary to restore investor confidence.
According to him, consistent implementation of the PIA has strengthened regulation, enhanced transparency and improved investor confidence across the oil and gas value chain. He disclosed that Nigeria has introduced fully digital and competitive upstream licensing rounds and approved the commencement of the 2025 licensing round to unlock new opportunities in the sector.
President Tinubu noted that upstream activities have rebounded significantly, with rig counts rising from eight in 2021 to 69 by late 2025, alongside over $8 billion in Final Investment Decisions. He further highlighted the Executive Order on Oil and Gas Investment, designed to unlock up to $10 billion in capital inflows, as well as the Upstream Cost Efficiency Incentives Order, which provides tax credits of up to 20 per cent.
He added that crude oil production has improved to about 1.6 million barrels per day, supported by the Project One Million Barrels Per Day initiative, which targets 2.5 million barrels per day by 2027.
In his address, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described the summit as a call to action to end energy poverty in Africa, stating that Nigeria is now investment-ready. He cited rising production levels, increased rig activity and landmark investments such as Shell’s $5 billion Bonga North project and TotalEnergies’ $550 million Ubeta project.
Lokpobiri also noted that asset divestments to indigenous companies have boosted output, strengthened local ownership and enhanced domestic capacity. He urged African nations to retain greater hydrocarbon value within the continent and called for strong support for the African Energy Bank, headquartered in Nigeria, stressing that global realities favour an energy mix and that no country is abandoning oil and gas.
Also speaking, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, emphasized Nigeria’s commitment to a just, inclusive and pragmatic energy transition anchored on natural gas. He revealed that average daily gas production rose to 7.5–7.6 BSCFD in 2025, with domestic supply exceeding 2 BSCFD for the first time and gas flaring declining.
Ekpo reiterated Nigeria’s plan to scale gas production to 10 BSCFD by 2030, positioning gas as central to energy security and economic prosperity under the Renewed Hope Agenda, which prioritizes domestic gas infrastructure and gas-to-power projects.
Earlier, the Permanent Secretary of the Ministry of Petroleum Resources, Mrs. Patience N. Oyekunle, described the summit, themed “Energy for Peace and Prosperity: Securing Our Shared Future,” as timely and strategic, given Nigeria’s growing influence in regional and global energy discussions. She noted that the presence of African leaders, industry executives and development partners highlighted Nigeria’s role in the global energy ecosystem and the importance of cross-border collaboration.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, said energy has become central to global peace, security and human development, stressing that Nigeria remains at the heart of Africa’s evolving energy landscape despite rapid technological and climate-driven changes.
Dignitaries at the summit included the President of The Gambia, His Excellency Adama Barrow; President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo; Senate President Godswill Akpabio; members of the National Assembly; Secretary General of the African Petroleum Producers Organisation (APPO), His Excellency Farid Ghazali; Secretary General of the Gas Exporting Countries Forum, Dr. Philip Mshelbila; Regional Chairman for Africa, World Energy Council, Dr. Omar Farouk Ibrahim; Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade; alongside other key stakeholders in Nigeria’s oil and gas sector.
Tinubu Reaffirms Commitment to Energy Sector Reforms at NIES 2026
