Nigerian President, Bola Ahmed Tinubu has boasted that under his watch, the country’s upstream activity recorded a historic rebound with rig counts rose from eight rigs in 2021 to sixty-nine rigs by late 2025, which reflecting renewed exploration and drilling momentum.
Tinubu stated this on Tuesday in Abuja when he declared open the 9th Nigeria International Energy Summit that was well attended by heads of delegation and senior Government officials from across the globe.
The Summit also accommodated leaders of the international energy organizations, chief executives of global and indigenous energy companies, development finance institutions, and representatives of host communities.
Tinubu, who was represented at the summit by his deputy, the Vice President, Senator Kashim Shettima revealed that the sector has secured final investment decisions exceeding eight billion United States dollars, including major offshore gas developments involving global energy companies.
According to him, “Foreign direct investment into the oil and gas subsector rebounded strongly, driven by regulatory certainty, fiscal reforms, and improved operating conditions.”
The President, outlining efforts by his administration to boost the energy sector, said his administration sustained and deepened the full implementation of the Petroleum Industry Act, consolidating its role as the live wire of sector reform and strengthened regulatory institutions to ensure clarity of roles, transparency, and investor confidence.
Tinubu also boasted that the crude oil theft, which had been a major constraint on the production and revenue of the sector, declined significantly due to enhanced security coordination, surveillance, and regulatory enforcement.
This was contained in a statement released to Pressmen, adding that the efforts paid off, as they restored operational stability and improved 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 liberalization, repositioned the sector’s economics, improved market efficiency, and enhanced long-term investment attractiveness.
According to him, “While these measures required national sacrifice, they laid foundation for sustainability, fiscal resilience, and investor confidence.
He added, “Industry stakeholders and independent experts have described these reforms as transformational, aligning Nigeria’s energy sector with global best practices”.Tinubu restated Nigeria’s readiness to collaborate with African nations, global partners and the private sector to deliver cleaner, affordable, inclusive, and more secure energy.
He said energy plays a critical role as the invisible force holding the modern world together, as well as the quiet architecture of balance among nations, the unseen hand that steadies economies and sustains societies.
Nigerian leader observed that while energy remains central to peace, prosperity, and global stability, saying the country is focusing heavily on utilizing its vast gas reserves as a transition fuel and expanding renewable energy capacity.“Energy must unite communities, stabilize 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.
Formally declaring the 9th Nigeria International Energy Summit open, the Nigerian leader 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.
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 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.
The Group Chief Executive Officer (GCEO) of NNPC Ltd. (Nigerian National Petroleum Company Limited), Engr. Bashir Bayo Ojulari, also lent his voice, stressing 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.
