Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has urged oil and gas producers in the Gulf region to see Nigeria as a strategic partner rather than a competitor in efforts to stabilise global energy supply.
Tuggar made the call amid rising tensions in the Middle East that have disrupted shipments through the Strait of Hormuz, a key global energy corridor responsible for transporting about a fifth of the world’s oil supply.
According to him, the crisis highlights the need for Gulf producers to diversify supply sources by investing in Nigeria’s vast but underdeveloped oil and gas reserves.
Tuggar said Nigeria’s energy sector offers significant opportunities for collaboration, particularly for countries seeking to safeguard their market share and ensure stable hydrocarbon supply during geopolitical disruptions.
He noted that Nigeria’s crude oil production has increased to about 1.7 million barrels per day from roughly 1.4 million barrels per day recorded when President Bola Tinubu assumed office in 2023.
The minister added that with greater investment in oil fields and pipeline infrastructure, the country has the potential to significantly expand its production capacity.
Nigeria recently strengthened economic ties with the United Arab Emirates through the signing of a Comprehensive Economic Partnership Agreement aimed at boosting trade and investment between both countries.
Tuggar also revealed that investors linked to Qatar have expressed interest in Nigeria’s gas sector, although timelines for the proposed investments remain uncertain.
He acknowledged that while the country still faces challenges such as underinvestment and infrastructure issues, expanding domestic refining capacity—particularly through the Dangote Refinery—would help Nigeria better withstand future global oil price shocks.
