At the opening of the Nigeria International Energy Summit, Dr. Olajumoke Oduwole, Nigeria’s Minister for Industry, Trade, and Investment, reaffirmed the government’s commitment to fostering a robust and dynamic energy sector.
Highlighting critical policy shifts, international engagements, and investment-friendly initiatives, Dr Oduwole underscored Nigeria’s strategic economic trajectory in the global energy landscape.
Oil and Gas: A Pillar of Economic Growth
Dr. Oduwole recognized the status of the oil and gas sector as a foundational pillar of Nigeria’s economy, contributing significantly to employment, revenue generation, and investment opportunities. She commended industry stakeholders for their resilience in navigating the capital-intensive and high-risk nature of the sector.
Market Reforms and Economic Restructuring
The Minister went on to outline the government’s commitment to market-driven reforms aimed at enhancing economic efficiency. Notably, President Bola Ahmed Tinubu’s administration has undertaken politically challenging but necessary policy adjustments, including the removal of fuel subsidies and the elimination of multiple exchange rates.
- These decisions have started yielding positive outcomes, such as increased foreign exchange market stability and the reallocation of resources to critical development projects.
Attracting Global Investments
Dr. Oduwole emphasized the growing investor confidence in Nigeria’s economy, evidenced by a surge in inquiries, bilateral agreements, and foreign investments. Over the past months, Nigeria has secured Memoranda of Understanding (MOUs) valued at approximately $50.8 billion across critical sectors such as energy, technology, agriculture, and infrastructure.
- The government is now focused on translating these commitments into tangible development projects by eliminating barriers to investment mobilization.
Government’s Collaborative Approach to Private Sector Growth
A key theme of her address was the government’s openness to dialogue and collaboration with the private sector. She highlighted the administration’s responsiveness to industry concerns, particularly through executive orders that have unlocked billions in upstream investments, including Shell’s recent five-year Final Investment Decision (FID).
Africa’s Energy Transition and Nigeria’s Role
The Minister placed Nigeria’s energy ambitions within the broader African context, emphasizing the significance of the African Continental Free Trade Area (AfCFTA). She noted that AfCFTA’s trade policies will catalyze Africa’s energy transition by facilitating regional energy trade, infrastructure development, and investment in renewables. By eliminating tariffs and trade barriers, AfCFTA is set to enhance cross-border energy cooperation and attract both international and domestic energy investors.
Advancing Women’s Role in Energy
Dr. Oduwole underscored the importance of gender inclusivity in Nigeria’s energy transition. She called for greater participation of women as operators, investors, and structural partners in shaping the sector’s future. Through initiatives such as National 300, the government aims to provide strategic incentives for diversifying the energy mix and unlocking economic opportunities, particularly for women-led enterprises.
Economic Diversification and Policy Reforms
Beyond energy, the minister detailed ongoing efforts to reposition Nigeria’s economy through trade and investment reforms. The Federal Ministry of Industry, Trade, and Investment has spearheaded over 200 transformative policy reforms under the Presidential Enabling Business Environment Council (PEBEC), aimed at improving Nigeria’s investment climate and fostering economic diversification.
Additionally, Nigeria was recently recognized as the AfCFTA Digital Trade Champion, a milestone demonstrating the country’s leadership in Africa’s digital economy. The introduction of the Protocol on Trade in Services marks another critical step in advancing economic progress within the continent.
Dr Oduwole’s keynote was filled with several achievements including:
- Energy Sector Transformation: Strengthened regional integration through AfCFTA, enabling regional energy trade, infrastructure development, and investment in renewables.
- Women’s Inclusion in Energy: Promotion of gender inclusivity through initiatives like National 300, encouraging women to take leadership roles in the energy transition.
- Economic Diversification: Over 200 regulatory reforms implemented to improve the business environment and attract investment.
- Digital Trade Leadership: Nigeria recognized as the AfCFTA Digital Trade Champion, solidifying its leadership in Africa’s digital economy.
- Protocol on Trade in Services: Introduction of policies set to drive economic transformation across Africa.
Dr. Oduwole’s address painted a picture of Nigeria’s evolving energy and trade landscape, emphasizing market liberalization, investor engagement, and regional collaboration as key drivers of growth.
- As the government continues to implement structural reforms, Nigeria is poised to strengthen its position as Africa’s preferred investment destination while advancing a sustainable energy future.
The Minister concluded by reaffirming the government’s commitment to engaging with stakeholders and taking bold actions to ensure long-term economic and energy security for the nation.
