President Bola Ahmed Tinubu has announced a massive drop in the country’s dependence on crude revenues, signaling what government said was a decisive shift toward a diversified economy.

He noted that his administration has built a diversified, high-growth economy unlocking the potential of agriculture, manufacturing, and the digital and creative industries to shift the landscape away from single-sector dependence.

Speaking on Tuesday in Abuja during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the President who was represented by Vice President Kashim Shettima, explained that through the joint effort of security agencies, operators, host communities, and the Commission, oil production is “now steadier and stronger”.

As a result, he declared that investors who once abandoned Nigeria in search of better deals were now returning, a development he said has ranked the country first among Africa’s leading destinations for upstream investment for two years running.

He stated that a well-run upstream industry is capable of creating jobs for Nigerian engineers, fabricators, and service companies, as his administration plans to use petroleum resources to build the wider economy, rather than depend on them.

Blaze 91.5 FM