Tinubu: Nigeria Is Breaking Free From Oil Revenue Dependence

Amarachi Ihesiulo

October 7, 2026
3 min read
President Bola Ahmed Tinubu

President Bola Tinubu has said Nigeria is making significant progress in reducing its dependence on oil revenue as his administration pushes efforts to diversify the economy and strengthen non-oil sectors.

Tinubu made the assertion while speaking at an anniversary event of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, where he highlighted the changing structure of Nigeria’s economy.

According to the President, agriculture, manufacturing, digital technology and the creative industries are increasingly contributing to economic activity, while the oil and gas sector remains important to Nigeria’s development.
Tinubu said the country was moving towards an economy in which crude oil would no longer serve as the dominant source of government revenue.

For decades, Nigeria has relied heavily on crude oil exports to generate foreign exchange and finance government operations. The dependence has left the economy vulnerable to fluctuations in global oil prices and disruptions in production.

The President’s administration has therefore made economic diversification a central component of its reform agenda.
Tinubu said the government was creating an environment capable of supporting greater investment across different sectors while strengthening the productive capacity of the economy.

He also emphasised the strategic importance of natural gas to Nigeria’s economic future.
With the country possessing significant gas reserves, the Federal Government has positioned gas as a key component of its energy transition and industrialisation strategy.

Government officials have repeatedly argued that increased gas production can support electricity generation, manufacturing, fertiliser production and other industrial activities.

The administration has also been promoting investment in agriculture as part of efforts to improve food production, strengthen rural economies and reduce Nigeria’s reliance on imported food.

Manufacturing remains another major area of focus, particularly as the government seeks to encourage local production and create more employment opportunities.

The digital and creative sectors have equally emerged as important components of Nigeria’s evolving economy, with technology-driven businesses and entertainment exports expanding the country’s global economic footprint.

Tinubu’s comments come amid ongoing debates over the impact of his economic reforms, particularly the removal of fuel subsidy and changes to foreign exchange management.

While the reforms have attracted criticism over their effects on inflation and household incomes, the government maintains that they are necessary to correct long-standing economic distortions.

The President has continued to call for patience and greater confidence in the reform programme, insisting that the objective is to build a stronger and more diversified economy.

For Nigeria, reducing dependence on oil revenue remains one of the country’s most important economic challenges, with the success of diversification efforts expected to shape the nation’s long-term development prospects.

Tinubu: Nigeria Is Breaking Free From Oil Revenue Dependence

Amarachi Ihesiulo

Amarachi Ihesiulo

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