Tinubu Launches Oil Licensing Round to Diversify Nigerian Economy

President Bola Ahmed Tinubu announced that Nigeria has significantly reduced its dependence on crude oil revenues as part of a broader economic diversification strategy. Speaking through Vice President Kashim Shettima at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, Tinubu outlined a shift toward agriculture, manufacturing, and the digital and creative industries. He designated the current period as the decade of gas, targeting gas-led growth to power homes and factories.

To support these goals, the NUPRC launched the 2026 oil licensing round, offering 40 blocks across land, shallow water, and deepwater terrains. CEO Oritsemeyiwa Eyesan stated the initiative aims to help Nigeria produce three million barrels of oil per day by 2030. The commission is implementing new transparency measures, including mandatory disclosure of beneficial owners for bidders, following recommendations from the Nigeria Extractive Industries Transparency Initiative.

Tinubu emphasized that while the petroleum sector remains essential for foreign exchange and funding, operators receiving government incentives must be held accountable for environmental and local content commitments. Eyesan reinforced this stance with a drill or drop policy, warning that licenses are commitments to develop assets rather than trophies. The administration maintains that improved security and petroleum reforms have already stabilized production and positioned Nigeria as a top destination for upstream investment in Africa.