.…FG Targets $50bn Investment With Deep-Offshore Incentives
President Bola Ahmed Tinubu has said Nigeria has significantly reduced its dependence on crude oil revenue, describing development as part of government’s drive to build more diversified economy.
He spoke at fifth anniversary of Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in Abuja, where Vice President Kashim Shettima represented him.
Tinubu said Renewed Hope Agenda was driving growth in agriculture, manufacturing, digital and creative industries to reduce country’s reliance on single sector.
He added that government intends to use petroleum resources to support wider economy rather than depend solely on oil earnings.
President also said oil production had become steadier through combined efforts of security agencies, operators, host communities and NUPRC.
He noted that investors who previously looked elsewhere were returning, while government would continue reforms aimed at improving investment in upstream sector.
Tinubu further declared that Nigeria was entering a “decade of Gas,” with plans to expand gas supply for electricity, industry and clean cooking while reducing gas flaring and expanding renewable energy.
He also said government’s 2026 deep-offshore investment incentives were designed to unlock up to $50 billion in new investment, beginning with Bonga South-West project.
