Energy
FG Seeks Africa, Global Partnerships for Affordable, Clean Energy—Tinubu
Nigeria’s President, Bola Ahmed Tinubu has expressed readiness to collaborate with African nations, global partners and the private sector to deliver cleaner, affordable, inclusive, and more secure energy.
President Tinubu, on Tuesday, in Abuja, opined that energy plays a critical role as the invisible force holding the modern world together, as well as the quiet architecture of balance among nations, and as the unseen hand that steadies economies and sustains societies.
He bared his mind while declaring open the 9th Nigeria International Energy Summit (NIES) at the State House Banquet Hall, Abuja.
The summit was attended by heads of delegation and senior government officials from across the globe, as well as leaders of international energy organisations, chief executives of global and indigenous energy companies, development finance institutions, and representatives of host communities.
President Tinubu, who was represented at the summit by his deputy, Vice President Kashim Shettima, observed that while energy remains central to peace, prosperity and global stability, Nigeria is focusing heavily on utilising its vast gas reserves as a transition fuel and expanding renewable energy capacity.
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“Energy must unite communities, stabilise economies, and secure futures. It must power factories, illuminate homes, fuel innovation, and build trust between government, investors, and citizens.
“Nigeria stands ready to collaborate with Africa, global partners, and the private sector to deliver energy that is secure, affordable, cleaner, and inclusive,” he declared.
The President recalled that though his administration inherited an energy sector that was rich in potential in 2023, the sector was “constrained by inefficiencies, uncertainty, and prolonged underinvestment.”
On how his administration broke the bottleneck, he declared, “We set to work without fanfare, guided by the clear understanding that energy cannot be treated simply as an economic commodity if stability is our goal.
“Energy is a catalyst for national security, industrial growth, social inclusion, and regional cooperation.”
President Tinubu assured all that his government was fully committed to “building an energy system that delivers reliability, transparency, sustainability, and shared prosperity.”
Outlining efforts by his administration to boost the energy sector, the President said his administration sustained and deepened the full implementation of the Petroleum Industry Act (PIA), consolidating its role as the linchpin of sector reform and strengthening regulatory institutions to ensure clarity of roles, transparency, and investor confidence.
He added, “Under our watch, Nigeria’s upstream activity recorded a historic rebound. Rig counts rose from eight rigs in 2021 to 69 rigs by late 2025, reflecting renewed exploration and drilling momentum.
“The sector secured Final Investment Decisions exceeding $8bn, including major offshore gas developments involving global energy companies.
“Foreign direct investment into the oil and gas subsector rebounded strongly, driven by regulatory certainty, fiscal reforms, and improved operating conditions.”
Under his watch, President Tinubu said crude oil theft, which had been a major constraint on production and revenue, declined significantly due to enhanced security coordination, surveillance, and regulatory enforcement, adding that the efforts paid off, restoring operational stability and improving Nigeria’s production reliability in international markets.
Apart from deliberate leadership appointments across key regulatory and development institutions that reinforced professionalism, accountability, and institutional effectiveness, the President stated that “early reforms, most notably fuel subsidy removal and foreign exchange liberalisation, repositioned the sector’s economics, improved market efficiency, and enhanced long-term investment attractiveness.”
“While these measures required national sacrifice, they laid the foundation for sustainability, fiscal resilience, and investor confidence.
“Industry stakeholders and independent experts have described these reforms as transformational, aligning Nigeria’s energy sector with global best practices,” he added.
Formally declaring the 9th NIES open, President Tinubu implored participants “to engage constructively, invest confidently, and partner purposefully with Nigeria.”
Earlier, Gambian President Adama Barrow observed that Nigeria’s policies have implications far beyond its borders, noting that working together through strategic partnerships is key to regional solutions and energy security.
On his part, the President of the Republic of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, maintained that Africa must cease to be merely an exporter of raw materials and focus on processing them for the betterment of future generations.
The Senate President, Godswill Akpabio, in a speech that was read on his behalf, averred that in Africa, energy is not just about resources but about inclusive and sustainable prosperity.
He assured all that the National Assembly is ready to work with relevant stakeholders through legislative backing, agreeing that when the energy system works, the economy grows more resilient.
Contributing, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the gathering was a call to action to make energy a champion for advancement.
He commended the Dangote Refinery, BUA, and other refiners for making significant investments in Nigeria’s energy sector.
For his part, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, noted that while collaboration is essential in building a reliable energy system, President Tinubu’s Renewed Hope Agenda is already positioning gas as a cornerstone of Nigeria’s energy security.
He assured all that the government was strengthening oil and gas stability while supporting regional integration and building on the meaningful gains recorded in the sector.
On behalf of the Independent Petroleum Producers Group, the Managing Director and Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, said gas production in Nigeria has grown significantly since 2025, with indigenous producers increasingly allowed to thrive.
According to him, under President Tinubu’s leadership, the requisite reforms and executive orders have been approved, thereby increasing local ownership in the sector.
The Group Chief Executive Officer of NNPC Ltd., Bashir Ojulari, also stressed that Africa is at a turning point in the energy sector.
He said Nigeria is well-positioned to lead this charge, with over 37 billion barrels of oil potential, making the country an emerging global energy powerhouse.
Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Company Limited and CNL Joint Venture, has stressed the importance of strengthening the regulatory framework in the Nigerian oil and gas industry to enhance growth opportunities.
Chairman and Managing Director of Chevron companies in Nigeria and the Mid Africa Region, Jim Swartz, made this known at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS) in Abuja on Wednesday August 19, 2026.
Represented by Segun Kuteyi, Director of Operations and Chief Operating Officer, Chevron Nigeria and Mid Africa Region, Jim noted that Nigeria remains one of the world’s most resource-rich energy nations, with substantial oil reserves, abundant natural gas, a strategic location, and a skilled workforce, adding that these strengths position the country for sustained growth and competitiveness in a rapidly evolving global energy landscape.
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He remarked that resources alone are not enough to guarantee success and emphasized that what makes the difference is the environment in which investments, businesses, and people operate. “A predictable, transparent, and efficient regulatory framework builds confidence; and confidence attracts investment, drives innovation, creates jobs, and supports economic growth,’ he stated.
Jim emphasized that regulatory certainty could be a catalyst for investor commitments and noted that in Chevron, regulatory reforms in the industry continue to enable its growth opportunities post-Petroleum Industry Act (PIA) 2021, with key drivers being exploration and new discoveries, infill drilling and brownfield optimisation as well as monetisation and integrated developments
According to him, some of the company’s key achievements include the renewal and conversion of its Joint Venture and Deepwater leases; continued investment in exploration, asset and gas development, and monetisation; the recent Chevron’s acquisition of Deepwater block, Petroleum Prospecting License (PPL 2010); equity investments in recent announcements by Shell on Bonga Southwest/Aparo (BSWAP), and ExxonMobil on Owowo/Usan and the sustained social investments and community partnerships for over six decades.
While emphasizing the importance of safety, collaboration and human dimension in the Nigerian oil and gas industry, he stated that the industry challenges could be addressed through strengthening regulatory certainty, advancing transparency and accountability, driving investment across the value chain and promote collaboration across the industry, supporting innovation and digital transformation and building workforce capability and future-ready skills.
“At Chevron, we believe people are our greatest asset. No regulatory framework can fully succeed without a capable, motivated, and protected workforce. That is why forums such as PEALS are important: they bring government, labour, and industry together to align on shared goals and deepen mutual understanding,” he remarked.
Nigeria has mined over 4.6 billion barrels of crude oil from deep offshore assets worth over 5,000 tankers.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), revealed this on Tuesday Live on NTA hosted by Cyril Stober.
The Commission Chief Executive, Oritsemeyiwa Eyesan, represented by the Executive Commissioner, Development and Production of the NUPRC, Engineer Enorense Amadasu, asserted that the achievement was made possible by the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order (EO) 2026 recently signed by President Bola Ahmed Tinubu.
She added that the EO has the potential not only to unlock $50bn in investments but can also create an additional one million barrels per day of crude oil and condensate from deep offshore fields.
Eyesan explained that the reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments.
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She noted that presently, Nigeria produces about 1.7mbpd of crude oil and condensate but deep offshore accounts for just about 24 percent of total oil production and 19 percent of gas.
Eyesan pointed out that with Field Development Plans (FDPs) running into billions of dollars already approved by the NUPRC, the executive order will encourage IOCs to make quicker Final Investment Decisions (FIDs).
“So, where will these volumes be coming from? Nine of these projects have approved FDPs so the next step expected is the FID in the near to midterm.
The $10bn Bonga South will come in 2027 and within the next four to five years, we are expecting almost an additional one million barrels additional per day,” she stated.
According to Eyesan, the executive order also presents an opportunity for other sectors like the marine economy which will need to expand Nigeria’s logistics/marine base so the country can sustain the volume of deep offshore projects being expected.
“It aims to make Nigeria the regional hub for deep offshore projects,” Eyesan said.
Other benefits of the executive order as explained by CCE include: growth in reserves, technological/skills transfer and new jobs.
Brent crude closed above $90 per barrel on Monday as Iran threatened to launch a military offensive in the Strait of Hormuz if diplomatic efforts to end its war with the United States fail.
The benchmark Brent crude was quoted at $90.53 per barrel as of Monday evening, gaining $2.01, or 2.27 per cent, according to oilprice.com. US West Texas Intermediate crude also climbed to $84.25 per barrel, up $1.85, or 2.25 per cent.
According to Reuters, the rise followed renewed tensions around the strategic Strait of Hormuz after a senior Iranian official told the news agency that Tehran had shifted its policy from defensive to “fully offensive” because of a deadlock in efforts to secure a permanent end to the war.
The official said Iran was prepared to take military action in the Strait of Hormuz if diplomatic efforts failed. “Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region, as Iran will be ready to make decisions and take action on difficult decisions,” the official told Reuters.
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He added that Tehran would conduct a “timely and precise” military attack to break the United States naval blockade if diplomacy failed.
The development threatens to further disrupt tanker movements through Hormuz, a key global energy corridor, at a time when efforts to restore oil traffic through the waterway have stalled.
According to Reuters, progress towards peace talks and the resumption of oil tanker traffic through the Strait of Hormuz has ground to a halt, with neither side showing signs of moving towards an end to the conflict.
The latest escalation came on the day Iran and the United States were expected to reach a final agreement under a memorandum of understanding signed in June.
The June 17 memorandum provided a 60-day timeframe for Washington and Tehran to reach a broader agreement concerning Iran’s nuclear programme and US sanctions.
The interim agreement, which called for the “immediate and permanent termination of military operations on all fronts”, however, quickly collapsed over disagreements concerning control of the Strait of Hormuz.
The waterway, which is shared by Iran and Oman, is a major route for global energy supplies. It was reported that about a fifth of global oil and liquefied natural gas flowed through the strait before the war.
Tehran maintains that the June agreement gave it the right to manage the waterway, while Washington rejected that interpretation.
The dispute subsequently contributed to the resumption of hostilities, with Iran firing on vessels it said were attempting to sail through the strait using an unauthorised route.
US President Donald Trump subsequently declared on July 7 that the agreement was over.
The Iranian official told Reuters that Tehran had now given the United States only a short period to implement all the provisions of the agreement before further negotiations could take place.
“Within the short period of a few weeks set by Iran, all the agreement’s provisions must be implemented by the U.S. This is a precondition for further negotiations with the US,” the official said.
Mediators are expected to communicate Iran’s deadline to Washington and other regional countries. Iran is also separately negotiating with Oman over the management of the Strait of Hormuz, with Tehran saying the two countries are close to an agreement despite slow progress.
The situation was further complicated by Trump’s warning to Oman during a phone interview with Fox News on Monday. “If Oman gets in the way, we’ll bomb the shit out of them,” Trump said, according to Reuters.
Earlier, Trump said Iran should surrender, telling Fox News that Tehran “should put up the white flag of surrender”. The renewed threats have heightened concerns over the security of shipping through Hormuz and helped push crude prices higher on Monday.
The price movement also comes after oil had traded below the $80 mark earlier in the month amid expectations that tensions around the waterway could ease. Monday’s Brent price of $90.53 therefore represented a fresh rise above the $90 threshold, while WTI stood at $84.25 per barrel.
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