By Ekundayo Asaju
Two years ago, Nigeria’s oil and gas sector was in crisis—battered by corruption, drained by oil theft, paralyzed by subsidy burdens, and largely abandoned by serious investors.
Today, under the bold and strategic leadership of President Bola Ahmed Tinubu, the same sector is staging a remarkable comeback.
This isn’t just reform—it’s a revolution.
For years, the fuel subsidy was Nigeria’s biggest economic liability—costing the nation N3.6 trillion annually, enriching cartels, and offering little benefit to ordinary citizens. President Tinubu’s decisive removal of the subsidy marked a turning point.
That bold move, long avoided by past administrations, immediately freed up fiscal space, reinvigorated market confidence, and paved the way for targeted investments in infrastructure, energy, and innovation.
WINNING THE WAR ON OIL THEFT
Perhaps the most underreported yet critical achievement of the Tinubu administration is its renewed and effective war on oil theft. Previously, Nigeria was losing over 400,000 barrels of crude daily—a staggering loss that crippled revenue and deterred investors.
Today, through a strategic blend of: Advanced surveillance technologies, Enhanced security operations via a revamped Joint Task Force,
Engagement with local communities and stakeholders, Rapid prosecution of offenders, Oil theft has been significantly curtailed, restoring vital export volumes and credibility to the industry. Pipelines that once lay idle due to sabotage are now back online, and crude oil evacuation is flowing once more.
PRODUCTION UP, CONFIDENCE RESTORED
Nigeria’s crude oil output, which had dipped below 1 million barrels per day, has now risen to 1.5 million barrels per day—with projections of further growth. Gas exports have climbed from $5.84 billion to $8.66 billion, signaling renewed investor confidence and improved operational efficiency.
REDUCING IMPORTS, INCREASING INVESTMENTS
With strategic private sector collaborations, notably the commissioning of the Dangote Refinery, Nigeria has reduced petroleum imports by over $4 billion. Simultaneously, annual investments in the oil and gas sector have surged from $6 billion to $17 billion—a near tripling in just two years.
This leap is not coincidental. It is the result of deliberate, well-sequenced reforms anchored by a clear presidential vision.
THE CNG TRANSFORMATION
Under Tinubu, Nigeria has made bold inroads into Compressed Natural Gas (CNG) adoption—ushering in a silent revolution in clean energy transportation. In less than two years:
CNG stations have expanded from under 10 to 248,
CNG vehicles have grown from fewer than 1,000 to over 100,000.
What was once a policy footnote is now a national movement toward cleaner, cheaper, and more sustainable fuel alternatives.
NNPCL: A NEW ERA OF LEADERSHIP
At the heart of this turnaround is a reformed and revitalized Nigerian National Petroleum Company Limited (NNPCL). Under Tinubu’s guidance, the management was overhauled and replaced with what industry analysts call “the most competent leadership team in NNPC’s history.”
The new management—comprising internationally respected technocrats and reform-minded professionals—has: Enhanced transparency and corporate governance, Streamlined operations for efficiency and profitability, Repositioned NNPCL as a trusted partner to global investors.
For the first time in decades, NNPCL is no longer the subject of scandal—it is the symbol of reform.
After years of failed promises and phantom turnarounds, two public refineries are now functioning. Production is ongoing. Nigeria is refining again—not in theory, but in fact. This is a breakthrough moment in a decades-long struggle for domestic energy security.
WHY THIS IS HAPPENING NOW
This resurgence is not luck—it is leadership by design. Key policy levers include: Three transformative Executive Orders that dismantled entrenched bureaucratic bottlenecks, Fuel subsidy removal, which freed trillions for real investment, The Naira-for-Crude initiative, realigning forex dynamics, Nigeria’s hosting of the $5 billion African Energy Bank, anchoring regional energy finance, A $5 billion commitment from Shell for the Bonga North Deepwater Project, The elevation of NNPCL to a performance-driven institution under expert management.
THE VERDICT: RENEWED HOPE DELIVERED
As President Tinubu marks two years in office, the evidence speaks louder than any campaign slogan. Nigeria’s oil and gas sector—once seen as a cautionary tale of missed potential—is now a case study in turnaround leadership.
This is not propaganda. This is progress with proof.
Nigeria is refining again. Exporting again. Investing again. Growing again.
And the man at the center of it all?
Bola Ahmed Tinubu – The Reformer-in-Chief.
– Asaju is a journalist and publisher of First Weekly Magazine