President Bola Ahmed 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 designed to attract investment, boost production and strengthen transparency.
Speaking at the official opening ceremony of the 9th Nigeria International Energy Summit (NIES) 2026 in Abuja, on Tuesday, 3rd February, 2026, the President, represented by Vice President Kashim Shettima, said his administration inherited an energy sector rich in potential but constrained by inefficiencies and prolonged underinvestment, necessitating bold actions to restore investor confidence and unlock growth.
According to him, the consistent implementation of the PIA has strengthened regulation, improved transparency and enhanced 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 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 more than $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 offers tax credits of up to 20 per cent.
He added that Nigeria’s 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 production of 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 more than a conference, calling it a clear call to action to end energy poverty in Africa. 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 added 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, noting that global realities favour an energy mix and that no country is abandoning oil and gas.
On his part, the Minister of State for Petroleum Resources (Gas), Rt Hon. Ekperikpe Ekpo, emphasized that Nigeria’s energy strategy pursues a just, inclusive, and pragmatic transition by leveraging abundant natural gas to power industries, expand access, and create jobs.
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 BSCFD in 2025, with domestic supply exceeding 2 BSCFD for the first time, and a decline in gas flaring.
He also reiterated Nigeria’s commitment to scaling production to 10 BSCFD by 2030, positioning gas as a cornerstone of energy security and prosperity under the Renewed Hope Agenda, which prioritizes expanding domestic gas infrastructure and accelerating gas-to-power projects.
Earlier, in her welcome address, 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 discussions.
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, noted that energy has become the lifeblood of global peace, security and human development. He said 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.
The eminent personalities who attended the Summit include: Gambia President, His Excellency Adama Barrow, President of Republic of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, Senate President Godswill Akpabio, members of the National Assembly, Secretary General, African Petroleum Producers Organisation (APPO) His Excellency, Farid Ghazali.
The Secretary General, Gas Exporting Countries Forum, Dr. Philip Mshelbila, The Regional Chairman for Africa, World Energy Council, Dr. Omar Farouk Ibrahim; Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade and other critical stakeholders in the Oil and Gas Sector.
Signed:
Chris Ugwuegbulam
Head, Press & Public Relations
4th February, 2026
