Nigerian President, Bola Tinubu, has reaffirmed his administration’s commitment to transforming Nigeria’s energy sector through decisive reforms, sustained implementation of the Petroleum Industry Act (PIA), and policies aimed at attracting investment, boosting production, and strengthening transparency.
Speaking at the official opening ceremony of the 9th Nigeria International Energy Summit (NIES) 2026 in Abuja on Tuesday, 2026, the President-represented by Vice President Kashim Shettima said his administration inherited an energy sector rich in potential but hampered by inefficiencies and years of underinvestment, making bold and deliberate action inevitable.
According to him, consistent implementation of the PIA has strengthened regulation,0l enhanced transparency, and restored investor confidence across the oil and gas value chain.
He disclosed that Nigeria has introduced fully digital and competitive upstream licensing rounds and has approved the commencement of the 2025 licensing round to unlock new oil and gas opportunities.
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 (FIDs).
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 offers tax credits of up to 20 per cent.
He said that Nigeria’s crude oil production has improved to approximately 1.6 million barrels per day, supported by the Project One Million Barrels Per Day initiative, which targets production of 2.5 million barrels per day by 2027.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described the summit as more than a conference, calling it a clear call to action to end energy poverty in Africa.
Investment Ready
He said Nigeria is now investment-ready, citing rising production levels, increased rig activity, and landmark investments such as Shell’s $5 billion Bonga North project and TotalEnergies’ $550 million Ubeta project.
The Minister noted that asset divestments to indigenous companies have boosted output, strengthened local ownership, and enhanced domestic capacity.
He stressed the need for Africa to retain greater hydrocarbon value within the continent and called for strong support for the African Energy Bank, headquartered in Nigeria.
According to him, global realities favour an energy mix, adding that no country is abandoning oil and gas.
On his part, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, said Nigeria’s energy strategy pursues a just, inclusive, and pragmatic transition by leveraging its abundant natural gas resources to power industries, expand access, and create jobs.
Significant Progress
He underscored natural gas as central to Nigeria’s energy future, highlighting significant progress, including a rise in average daily gas production to 7.5–7.6 billion standard cubic feet per day (BSCFD) in 2025, with domestic gas supply exceeding 2 BSCFD for the first time, alongside a decline in gas flaring.
He reiterated Nigeria’s commitment to scaling gas production to 10 BSCFD by 2030, positioning gas as a cornerstone of energy security and economic prosperity under the Renewed Hope Agenda, which prioritises expanding domestic gas infrastructure and accelerating gas-to-power projects.
The Permanent Secretary, 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 expanding role in regional and global energy discourse.
She said the participation of African leaders, industry executives, and development partners reaffirmed Nigeria’s importance in the global energy ecosystem and underscored the need for cross-border and cross-sector collaboration to achieve practical and sustainable outcomes.
Also speaking, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, said energy has become the lifeblood of global peace, security, and human development.
He noted that Nigeria stands not at the margins, but at the centre of Africa’s and the world’s evolving energy landscape, even as new technologies, climate concerns, and economic realities reshape global energy systems.
Dignitaries at the summit included the President of The Gambia, His Excellency Adama Barrow; President of the Republic 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 (GECF), Dr. Philip Mshelbila; Regional Chairman for Africa, World Energy Council, Dr. Omar Farouk Ibrahim; Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade; and other key stakeholders in the oil and gas sector.