President Bola Tinubu has said that ongoing reforms in Nigeria’s oil, gas and power sectors are beginning to attract new investments, strengthen energy security and support the country’s industrial growth ambitions.
Tinubu made the remarks in a nationwide address commemorating the third anniversary of his administration, where he highlighted achievements recorded in the energy sector over the past three years.
According to the president, reforms introduced in the oil and gas industry have renewed investor confidence and encouraged international oil companies to return with fresh investments.
He noted that the Nigeria Liquefied Natural Gas (NLNG) Train 7 project, valued at about $5 billion, was nearing completion and expected to significantly increase the country’s liquefied natural gas production and export capacity.
Tinubu explained that the project would also improve national revenue generation through higher export earnings and dividends.
The president further stated that domestic gas utilisation was expanding as part of efforts to improve energy supply and drive industrial development across the country.
On petroleum refining, Tinubu said Nigeria’s growing local refining capacity, including the operation of modular and large-scale refineries, was reducing dependence on imported fuel products.
According to him, the development is helping the country conserve foreign exchange while improving energy security and supply stability.
The president also addressed developments in the power sector, which he said his administration inherited in a weakened state due to years of debt, inadequate investment and operational challenges.
He stated that the government was currently tackling long-standing problems affecting electricity generation and distribution through targeted reforms and infrastructure investments.
Tinubu disclosed that efforts were ongoing to clear legacy debts, expand transmission infrastructure and strengthen the national grid to improve power supply nationwide.
He added that the administration was also investing in renewable energy projects as part of plans to diversify energy sources and improve electricity access.
The president stressed that reliable electricity remains essential for economic growth, industrial expansion, job creation and improved living conditions.
According to him, better power supply would support businesses, encourage industrial productivity and create more economic opportunities for Nigerians.
Tinubu reaffirmed his administration’s commitment to transforming Nigeria into a more industrialised and globally competitive economy through sustained reforms and investments in critical sectors.
He expressed optimism that the ongoing initiatives in the oil, gas and power industries would continue to strengthen the economy and drive long-term national development.