At the opening ceremony of the Nigeria International Energy Summit (NIES) on February 25, 2025, President Bola Ahmed Tinubu, represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, delivered a compelling address outlining Nigeria’s ambitious plans to transform its energy sector.
President Tinubu expressed unwavering confidence in Nigeria’s potential to become a global powerhouse in the energy industry. He attributed this potential to strategic reforms, innovative policies, and a steadfast commitment to sustainable development. “I stand before you with ongoing confidence in Nigeria’s potential to be a global powerhouse in the energy sector,” he stated.
Operationalization of Local Refining
A significant highlight of the President’s address was the emphasis on achieving energy self-sufficiency through local refining. He announced the operationalization of landmark projects, including the Dangote Refinery, the world’s largest single-train refinery. “Nigeria is now home to the largest single-train refinery in the world, the Dangote Refinery,” President Tinubu noted. This development is poised to meet domestic demand and position Nigeria competitively in global markets.
Strategic Reforms and Policy Initiatives
The President outlined several key reforms aimed at enhancing the energy sector’s efficiency and attractiveness to investors:
Removal of Petroleum Motor Spirit (PMS) Subsidy: This move is designed to reallocate funds towards critical infrastructure and social programs, fostering economic growth.
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Introduction of a Strategic Forex Policy: By denominating transactions in Naira, this policy aims to support the local currency, reduce transaction costs, and create a more resilient economy.
Implementation of the Petroleum Industry Act (PIA): This act strengthens the regulatory framework, enhancing transparency and efficiency within the energy sector.
Hosting the African Energy Fund Headquarters
In a historic milestone, Nigeria has been selected as the host country for the headquarters of the African Energy Fund. This achievement underscores Nigeria’s leadership in Africa’s energy landscape and its commitment to driving sustainable development across the continent. “By securing this prestigious institution, we are positioning Nigeria at the heart of energy financing,” President Tinubu remarked.
Enhancing Oil Production and Infrastructure
The President highlighted efforts to boost oil production through strategic interventions in security, infrastructure development, and investment incentives. He also emphasized the government’s determination to complete key gas infrastructure projects, such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, to supply clean energy to industries and households.
Fiscal and Tax Policy Reforms
Recognizing the importance of a conducive business environment, President Tinubu announced comprehensive reforms in fiscal and tax policies. These reforms aim to simplify tax regulations, offer incentives, and ensure a more transparent and efficient framework to attract both local and international investments.
Call for Collaboration
President Tinubu concluded his address by calling on industry leaders, policymakers, and investors to collaborate in shaping Nigeria’s energy future. He emphasized the importance of collective efforts in achieving a resilient, diversified, and sustainable energy ecosystem. “As we look to the future, we remain committed to fostering an energy ecosystem that is resilient, diversified, and greener,” he affirmed.
The Nigeria International Energy Summit continues to serve as a pivotal platform for discussions and partnerships that drive the nation’s energy sector forward.
