… says domestic refining, gas development and private investment are central to Nigeria’s energy security and industrial growth

President Bola Tinubu has reaffirmed Nigeria’s ambition to become a major African energy hub, pledging to expand domestic refining, accelerate natural gas development and attract fresh investment across the petroleum value chain.

Tinubu said Nigeria was transitioning from an economy heavily dependent on petroleum product imports to one increasingly driven by domestic refining, private capital, market efficiency and value addition.

The President made the statement in an address delivered on his behalf by Patience Oyekunle, Permanent Secretary of the Federal Ministry of Petroleum Resources, at the 20th anniversary edition of OTL Africa Downstream Energy Week in Lagos on Monday, October 26, 2026.

He said the government’s petroleum sector reforms, including those under the Petroleum Industry Act (PIA), were intended to create a transparent, commercially viable and investment-friendly industry capable of generating greater economic value for Nigerians.

According to the President, the objective is to transform Nigeria’s oil and gas resources into drivers of industrialisation, employment, technology development and regional energy security.

Nigeria records 1.5 million bpd crude oil production

Tinubu said Nigeria’s crude oil production averaged approximately 1.50 million barrels per day in October 2026, rising to 1.82 million barrels per day when condensates were included.

He added that the country had maintained compliance with its Organisation of the Petroleum Exporting Countries (OPEC) production quota for four consecutive months.

The President attributed the improvement to greater regulatory predictability, operational efficiency and investor confidence, while stressing that higher crude production must be matched by increased domestic processing and industrial utilisation.

“For too long, Nigeria exported crude oil and imported a substantial proportion of the petroleum products required to power its economy,” he said.

“Our vision is different. We intend to build an integrated energy economy in which our crude oil and gas resources generate greater value at home through refining, petrochemicals, gas processing, manufacturing and other energy-intensive industries.”

Dangote Refinery strengthens domestic refining prospects

Tinubu described the emergence of large-scale private refining capacity as a turning point for Nigeria’s downstream petroleum industry.

He said the Dangote Petroleum Refinery had reached its installed capacity of 650,000 barrels per day, strengthening the country’s prospects of becoming a net exporter of refined petroleum products and supplying neighbouring African markets.

The development, he said, would create opportunities to reduce dependence on imported fuels, retain more value within the domestic economy and strengthen Nigeria’s position in regional petroleum product trade.

However, the President said the government was also pursuing a more commercially sustainable approach to rehabilitating and repositioning state-owned refineries.

He said the strategy would involve technical assessments, stronger partnerships and improved operational discipline, with the objective of ensuring that existing national refining assets did not become stranded investments.

Tinubu maintained that Nigeria must increase domestic crude processing, deepen local value addition and establish itself as a reliable supplier of refined petroleum products across Africa.

Nigeria targets 12 billion cubic feet of gas daily by 2030

Natural gas development remains central to the government’s energy and industrialisation strategy, with Tinubu citing Nigeria’s proven gas reserves of more than 215 trillion cubic feet.

He said the Gas Master Plan 2026 had established production targets of 10 billion standard cubic feet per day by 2027 and 12 billion standard cubic feet per day by 2030.

Achieving the targets would require substantial investment across the gas value chain, including production, processing, transportation and distribution.

According to the President, expanded gas utilisation would support electricity generation, industrial manufacturing, compressed natural gas (CNG) and liquefied petroleum gas (LPG) adoption, liquefied natural gas (LNG) exports and petrochemical production.

He described gas as both an engine of industrialisation and a bridge towards a cleaner and more secure energy future.

The government’s ambition, he said, extends beyond increasing hydrocarbon production to building an integrated energy ecosystem capable of generating jobs, attracting technology and supporting sustainable economic growth.

Government seeks stronger crude supply to local refineries

Tinubu also highlighted improvements in domestic crude oil supply to Nigerian refineries during the second quarter of 2026.

He attributed the progress to stronger implementation of the Domestic Crude Supply Obligation and improved cooperation between oil producers and refiners.

The President called for greater collaboration across the petroleum value chain, stressing that reliable crude supply was essential to maximising the benefits of domestic refining capacity.

The domestic crude supply framework is particularly important as Nigeria seeks to expand local refining and reduce the structural dependence on imported petroleum products that has historically exposed the economy to foreign exchange pressures and international supply disruptions.

Tinubu woos investors as Nigeria offers 40 oil and gas blocks

The President reaffirmed the government’s commitment to attracting domestic and international investment, citing the 2026 oil and gas licensing round, which offers 40 blocks across onshore, shallow-water and deep-water terrains.

He said the licensing round was designed to attract technically competent, financially capable and committed investors to develop the country’s petroleum resources.

Tinubu also called on industry operators to channel more investment into local content, technology, infrastructure, workforce development, environmental responsibility and host-community development.

He said the government expected companies operating in Nigeria to contribute more substantially to domestic economic development rather than focus solely on resource extraction.

For investors, the administration’s priorities include improving the commercial environment, strengthening regulatory predictability and expanding opportunities across upstream production, refining, gas processing and downstream distribution.

Nigeria seeks bigger role in Africa’s energy market

Tinubu said Nigeria’s energy ambitions were closely linked to the wider development of Africa’s energy market.

He identified the country’s natural resources, domestic market, entrepreneurial capacity and strategic location as potential advantages in its bid to become a continental energy hub.

The government intends to use expanded refining capacity, natural gas, LNG, petrochemicals and other energy solutions to strengthen regional supply and support energy security across Africa.

The strategy comes as Nigeria seeks to capture more value from its hydrocarbon resources while expanding its role in regional energy trade and industrial development.

Tinubu congratulated OTL Africa on the 20th anniversary of its Downstream Energy Week, describing the platform as an important forum for engagement among government officials, regulators, investors and industry operators.

He urged stakeholders to develop practical solutions that would improve competitiveness, attract investment and strengthen the petroleum industry’s contribution to national prosperity.

The 2026 edition of OTL Africa Downstream Energy Week is being held under the theme “Secure Energy, Shared Prosperity