ABUJA, Nigeria — President Bola Ahmed Tinubu says Nigeria’s oil and gas sector is witnessing renewed investor confidence, driven by reforms that have attracted fresh capital inflows, including progress on the $5 billion Nigeria LNG (NLNG) Train 7 project.
In his third anniversary address, the president said reforms in the sector have reversed years of investment stagnation, with international oil companies returning to major projects in the country.
He noted that the NLNG Train 7 project is nearing completion and is expected to significantly expand Nigeria’s liquefied natural gas production capacity, boost export earnings, and increase government revenue.
“Reforms we instituted have attracted billions of dollars in fresh investment from international oil companies that had shunned our country,” Tinubu said.
Gas Expansion and Energy Security Push
Tinubu added that domestic gas utilisation is also expanding, with increased investment in local refining and energy infrastructure aimed at improving energy security and reducing dependence on imported petroleum products.
He said the government’s strategy includes strengthening gas-to-power projects, expanding modular refining capacity, and improving downstream efficiency to conserve foreign exchange.
Sector Reform and Investor Confidence
According to the president, ongoing reforms in the oil and gas industry are restoring confidence among global investors, positioning Nigeria as a more competitive destination for energy investment in Africa.
He said the administration remains focused on removing bottlenecks that previously discouraged investment, including regulatory inefficiencies and infrastructure gaps.
Tinubu stressed that the sector’s recovery is critical to stabilising government revenue, supporting foreign exchange inflows, and driving broader economic growth.
