President Bola Tinubu says reforms introduced by his administration in the oil, gas and power sectors have begun attracting fresh investments, improving energy security and repositioning Nigeria for industrial growth.
Tinubu stated this on Friday in a nationwide message commemorating the third anniversary of his administration.
“In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country,” the president said.
He disclosed that the $`5 billion Nigeria Liquefied Natural Gas (NLNG) Train 7 project was nearing completion and would significantly boost the country’s LNG production capacity and export earnings.
“The `$5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports and dividends,” Tinubu stated.
According to him, domestic gas utilization is also expanding as part of efforts to strengthen energy supply and support industrial development.
Tinubu said local refining capacity had improved Nigeria’s energy security and reduced dependence on imported petroleum products.
“With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange,” he said.
The president noted that his administration inherited a power sector weakened by debt, underinvestment and operational uncertainties, which constrained electricity generation and economic growth.
“For years, the power sector suffered from debt, underinvestment and uncertainty, which weakened generation capacity and limited growth. Today, we are confronting those challenges directly,” he said.
Tinubu said the government was currently addressing legacy debts, expanding transmission infrastructure and investing in renewable energy projects to strengthen the national grid.
“Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy and strengthening the national grid because no modern economy can grow in darkness,” he stated.
He emphasized that stable electricity remained critical to economic development, business expansion and job creation.
“When power improves, businesses expand, industries grow, jobs are created and families prosper,” Tinubu said.
The president reaffirmed his administration’s commitment to transforming Nigeria into an industrialized and economically competitive nation.
“We are determined to power Nigeria into a new era of industrial growth and economic opportunity,” he declared. (NAN)
