President Bola Tinubu says Nigeria has significantly reduced its reliance on oil revenue as his administration pushes to diversify the economy and attract more investment into other sectors.

He said the government would continue to develop the petroleum industry but use its resources to support broader economic activity rather than depend on crude oil as the main driver of growth.

The President, represented by Vice President Kashim Shettima, spoke on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“We have already reduced our dependence on oil revenue, and we intend to go further,” President Tinubu said.

He said the government’s diversification strategy was focused on agriculture, manufacturing, digital and creative industries, while the oil and gas sector would continue to provide energy, foreign exchange and revenue for the country.

The claim comes as the administration continues to pursue reforms aimed at increasing oil production, improving revenue remittances and attracting fresh investment into the petroleum sector.

In February, President Tinubu issued an executive order directing oil and gas revenues due to the Federation to be paid directly into the Federation Account.

The order also ended certain deductions previously retained by NNPC Limited, including a 30 per cent management fee on profit oil and profit gas.

Oil remains important to Nigeria’s finances

Despite the government’s push to reduce dependence on oil, petroleum remains an important source of public revenue and foreign exchange.

The sector has, however, faced challenges including fluctuations in crude production and oil prices, as well as security and operational problems.

PREMIUM TIMES reported in March that oil and gas revenue remittances had fallen significantly below projections in the first two months of 2026. While N937.10 billion was budgeted as oil and gas revenue for the period, actual remittances stood at N137.41 billion.

President Tinubu said improved security and cooperation among oil producers, host communities, security agencies and the NUPRC had helped stabilise production.

He said the government’s efforts had also helped attract investors who previously left Nigeria, adding that the country had ranked first among Africa’s leading destinations for upstream investment for two consecutive years.

Push for more oil and gas investment

The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, said Nigeria currently produces about 1.7 million barrels of crude oil per day and has more than 37 billion barrels of oil reserves.

Mr Lokpobiri said more investment, additional licensing rounds and increased exploration were needed to unlock the country’s petroleum resources.

The NUPRC has also reported increased investment activity in the upstream sector.

In August, the regulator said it had approved more than $57 billion in Field Development Plans since 2024, with 22 major offshore projects expected to come on stream between 2026 and 2030. The projects are estimated to attract between $30 billion and $50 billion in investment.

Nigeria’s oil and condensate reserves stood at 37.01 billion barrels as of January 2026, while gas reserves increased to 215.19 trillion cubic feet, according to NUPRC data.

Tinubu declares decade of gas

President Tinubu said gas would be central to the government’s energy strategy, describing the period ahead as a decade of gas.

“With the largest gas reserves in Africa, we will expand gas supply for power, industry and clean cooking, reduce flaring and methane emissions, and grow renewable energy alongside it,” he said.

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He added that the government would pursue an energy transition suited to Nigeria’s circumstances, arguing that the country should meet its climate commitments without compromising energy access and economic development.

He also noted that a stronger upstream industry could create jobs for Nigerian engineers, fabricators and oilfield service companies.

President Tinubu said the Petroleum Industry Act had provided a foundation for reforms in the sector but noted that legislation alone could not guarantee investment.

According to him, investors had raised concerns about high costs, lengthy contracting processes and uncertainty around fiscal terms for complex projects.

He urged the NUPRC to maintain clear regulatory processes, provide reliable timelines and work with other government agencies to reduce overlapping requirements.

The President also said operators benefiting from government incentives must meet their obligations on work programmes, local content, environmental protection and host communities.

He urged the commission to remain independent and accountable in its regulatory decisions.

The next discount, giveaway or “limited-time offer” Nigerians see online could be subject to a revised regulatory framework as the Federal Competition and Consumer Protection Commission (FCCPC) moves to update Nigeria’s rules for sales promotions.

The Commission has opened a public consultation on its Draft Sales Promotion Amended Regulations, 2026, proposing changes to the framework governing promotional sales more than two decades after the existing regulations were introduced.

The review comes as the way Nigerians shop has shifted significantly from the physical marketplace to websites, online stores, social media platforms and digital marketplaces, where businesses can launch promotions and reach consumers across the country almost instantly.

For shoppers, the proposed changes could affect the regulatory framework surrounding discounts, giveaways and other promotional campaigns. For businesses, particularly online retailers and technology companies, the review could introduce new compliance considerations for how promotional offers are notified and conducted.

The review comes as the way Nigerians shop has shifted significantly from the physical marketplace to websites, online stores, social media platforms and digital marketplaces, where businesses can launch promotions and reach consumers across the country almost instantly. For shoppers, the proposed changes could affect the regulatory framework surrounding discounts, giveaways and other promotional campaigns. For businesses, particularly online retailers and technology companies, the review could introduce new compliance considerations for how promotional offers are notified and conducted.

The FCCPC published the draft regulations on September 30 and has invited businesses, consumer groups and members of the public to submit comments and recommendations by October 20, 2026.

The Commission said the proposed regulations are intended to amend the Consumer Protection Sales Promotions Regulations, 2005 and include changes to applicable fees for sales promotion notifications.

The proposed rules are not yet in force.

The FCCPC said the draft was prepared pursuant to sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act 2018, with the amendment aimed at protecting consumers and promoting fair conduct in promotional sales activities.

From physical shops to digital promotions

The review comes against a significantly different retail environment from the one that existed when the current sales promotion regulations were introduced in 2005.

Internet access, smartphones, online payments, e-commerce platforms, social commerce and digital advertising have changed how businesses market products and how consumers discover and purchase them.

A retailer can now launch a discount through its website or social media account and potentially reach customers across multiple Nigerian cities without operating physical outlets in each location. Promotional campaigns can also move rapidly between websites, social media platforms, messaging services and online marketplaces.

Smartphone and electronics sellers, online retailers and other technology businesses routinely use discounts, giveaways, special offers and limited-time campaigns to attract customers.

The proposed FCCPC review could therefore become relevant to businesses that use these channels for promotional activity if the amended regulations are eventually adopted.

One of the changes identified by the Commission concerns applicable fees for sales promotion notifications. The FCCPC’s public notice does not set out the fee changes in detail, with the draft regulations instead being made available for stakeholders to examine as part of the consultation process.

The notification framework is significant because promotional campaigns can reach large numbers of consumers across multiple channels. In a digital environment, an offer can be published, shared and acted upon rapidly, increasing the importance of clear information about its terms and conditions.

What the review could mean for consumers

For consumers, the proposed regulatory review concerns the framework under which promotional offers are conducted rather than introducing new rules immediately.

Discounts, prize promotions and limited-time offers can influence purchasing decisions, particularly when consumers are required to act within a specified period. A regulatory framework governing such promotions is therefore relevant to how businesses communicate offers and how consumers understand what they are being offered.

The FCCPC said its consultation is intended to allow stakeholders and members of the public to provide comments, recommendations and other inputs before the regulations are finalised.

This gives businesses conducting promotions, consumer organisations and individual members of the public an opportunity to examine the proposed framework and raise issues or seek clarification before the final regulations are adopted.

2005 rules meet Nigeria’s digital marketplace

The proposed review represents an update to a regulatory framework that dates back to 2005, before the widespread adoption of many of the digital tools now used for commerce in Nigeria.

The growth of online shopping has made promotional activity easier to scale. A business can advertise a promotion to customers in different parts of the country through digital channels, while consumers can discover offers without visiting a physical store.

The same digital environment also means promotional claims and offer conditions can reach a much larger audience in a short period.

For technology companies and online businesses, the consultation therefore provides an opportunity to examine how the proposed framework could apply to promotional campaigns conducted through digital channels and to identify provisions that may require clarification before the regulations are finalised.

The review does not mean that businesses are currently operating under a new sales promotion regime. The FCCPC has not announced that the draft regulations have taken effect, and any changes will depend on the final version adopted following the consultation process.

October 20 deadline

Stakeholders and members of the public have until October 20, 2026, to submit comments, recommendations and other inputs on the draft regulations. The FCCPC said submissions may be made by hard copy or by email at [email protected].

The consultation puts Nigeria’s sales promotion framework under review more than 20 years after the existing regulations were introduced. As commerce continues to move between physical and digital channels, the outcome will determine how the regulatory framework evolves alongside the changing ways Nigerian businesses sell products and consumers shop for them.