Energy expert and renowned economist, Dr. Emeka Obi, has reaffirmed that the oil and gas sector remains the central pillar of Nigeria’s economic strength despite increasing calls for diversification.
Speaking during a panel discussion at the 2025 Nigerian Energy and Investment Summit held in Abuja, Dr. Obi stressed that crude oil and natural gas continue to generate the bulk of the country’s revenue and foreign exchange earnings. He noted that although efforts to grow non-oil sectors such as agriculture and technology are commendable, the hydrocarbon industry still provides the largest fiscal support to national development.
According to him, “The oil and gas sector contributes over 70% of Nigeria’s export revenue and about 40% of government income. While we must diversify, we cannot downplay the role this sector plays in stabilizing our economy and attracting global investors.”
Dr. Obi also called for improved investment in infrastructure, cleaner energy practices, and effective policies to ensure long-term sustainability and competitiveness in the global market. He urged the government to balance its energy transition agenda with strategic utilization of existing petroleum resources to fund innovation and industrialisation.
Nigeria is currently Africa’s largest oil producer and holds the continent’s largest natural gas reserves, with recent reforms aimed at increasing transparency and investor confidence in the upstream and midstream sectors.