The Federal Government has reaffirmed its commitment to transforming Nigeria’s oil and gas sector by boosting domestic refining capacity and ending the country’s long-standing reliance on imported petroleum products.
President Bola Ahmed Tinubu stated this on Monday through his representative, Mrs. Patience Oyekunle, Permanent Secretary of the Federal Ministry of Petroleum Resources, at the 20th OTL Africa Downstream Energy Week held in Lagos.
Delivering the President’s address at the landmark event, Oyekunle highlighted that ongoing structural reforms are designed to create a more competitive, market-driven environment capable of attracting sustainable private sector investment.
”Nigeria is moving away from a system characterised by heavy reliance on imported petroleum products towards one increasingly driven by domestic refining capacity, private-sector participation, and a more competitive market,” Oyekunle quoted President Tinubu as saying.
The President noted that establishing a robust downstream ecosystem remains vital to driving industrialisation, job creation, and overall national economic growth. He emphasized that the administration’s energy agenda prioritizes energy security while establishing the country as a competitive energy hub within Africa.
The OTL Africa Downstream Energy Week brings together key industry regulators, policymakers, investors, and operators across the continent to address pressing challenges and explore emerging opportunities within the downstream value chain.
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