Abuja: President Bola Tinubu made this known on Tuesday, while officially declaring the eighth edition of the Nigeria International Energy Summit (NIES 2025) open in Abuja. Represented by Dr. Doris Uzoka-Anite, Minister of State for Finance, Tinubu said the move had also fostered a stronger and more stable domestic market.
According to News Agency of Nigeria, the President highlighted that in order to ensure competitive local refineries and lower retail prices of petroleum products, the sale of crude oil in Naira was introduced. This strategy supports the local currency and aims to create a more resilient economy. The initiative is expected to result in more affordable petroleum products for citizens, thereby improving living standards and stimulating economic growth. It is also anticipated to alleviate the effects of fuel subsidy removal.
The President noted that 2025 has seen a renaissance in the oil and gas sector, marked by transformative initiatives and milestones. Over the past two years, the administration has focused on driving reforms in Nigeria’s energy sector and the broader economy. These reforms, including the removal of fuel subsidies and forex liberalisation, have positioned Nigeria as an attractive destination for investments.
President Tinubu highlighted Nigeria’s selection as the host country for the headquarters of the African Energy Bank as a historic milestone. This achievement underscores Nigeria’s leadership in Africa’s energy landscape and commitment to sustainable development. By securing this institution, Nigeria is positioned as a hub for energy financing, fostering investment, innovation, and job creation.
The President also mentioned the issuance of executive orders that have encouraged investment in the oil and gas sector. Increased crude oil production has been achieved through strategic interventions in security, development, and investment incentives. The Presidential Executive Order on Oil and Gas Sector Reforms has streamlined processes, fast-tracked licensing rounds, and encouraged indigenous participation, fostering local content development.
President Tinubu expressed determination towards completing key gas infrastructures, such as the Ajaokuta Kaduna Kano Gas Pipeline Project, which will strengthen clean energy supply to industries and households. The implementation of the Presidential Compressed Natural Gas Initiative is transforming the transportation sector by reducing dependence on a single fuel source.
The administration is implementing comprehensive fiscal and tax policy reforms to create a business-friendly environment and attract investments. By simplifying tax regulations, offering incentives, and ensuring a transparent fiscal framework, these reforms aim to support business growth in Nigeria. These measures are intended to make it easier for companies to invest and operate, stimulating economic development and prosperity.
With the Port Harcourt and Warri Refineries coming on stream, the country is enhancing its refining capacity to process crude and deliver products at a lower cost to Nigerians. The President also mentioned the development of a hydrogen policy to attract investors and integrate hydrogen into Nigeria’s energy mix.
