President Bola Tinubu, says that his administration is committed to energy security, industrial growth and regional collaboration.
Declaring open the 2026 Nigeria International Energy Summit (NIES) on Tuesday in Abuja, Tinubu emphasized that energy is central to peace, prosperity and economic development, noting that reliable energy systems underpin financial security, industrial productivity, social inclusion and regional cooperation.
Represented by Vice President Kashim Shettima, Tinubu said: “Our administration is committed to building energy systems that deliver reliability, transparency, sustainability, and shared prosperity,” he said, urging stakeholders to see Nigeria as a stable, transparent, and attractive destination for energy investment.
He outlined the administration’s key achievements in the oil and gas sector over the past five years to include:
Full implementation of the Petroleum Industry Act, PIA, to strengthen regulatory clarity, transparency and competitiveness.
Introduction of digital licensing and record-keeping for exploration and production activities.
Average oil production increased to approximately 1.6 million barrels per day, with efforts underway to reach 2.5 million barrels per day by 2027.
Domestic gas supply exceeded 2 billion cubic feet per day, supporting power generation, industrial utilization and energy access.
Expansion of refining capacity, including the commencement of operations at the Dangote and Diamond Water refineries, enhancing local supply of petroleum products.
Community Development Trusts accumulated over ₦358 million, funding hundreds of social, economic and infrastructure projects across host communities.
He highlighted the administration’s focus on regulatory appointments, Nigerian content and industry liberalization, noting that these measures aim to improve market efficiency, attract investment and strengthen operational governance.
“Energy is not just a commodity; it is the foundation of our nation’s peace, prosperity, and shared future,” he said, stressing that Nigeria will continue to collaborate with African countries, global partners, and the private sector to deliver secure, affordable and cleaner energy.
He urged the participants to engage confidently in technical discussions and partnerships to advance Nigeria’s and Africa’s energy ambitions.