Nigeria’s Energy Is Africa’s Opportunity, Tinubu Declares As Sanwo-Olu Reveals How Lagos Cut Transport Fuel Demand

● Everything the President and the Lagos governor mentioned on the OTL 2026 Expo in Lagos

Lagos, Nigeria — President Bola Ahmed Tinubu has declared that Nigeria’s vitality holds the important thing to Africa’s prosperity, urging African nations to look ahead with a shared ambition to construct a regional vitality hub.

Tinubu’s message was delivered on the twentieth anniversary version of the OTL Africa Downstream Energy Week held on Monday, October 26, 2026, on the Lagos Oriental Hotel, Victoria Island, Lagos.

NOP NIGERIA studies that the speech was learn on his behalf by the Permanent Secretary, Ministry of Petroleum Resources, Mrs. Patience Oyekunle.

“Nigeria’s energy is Africa’s opportunity. We have the market, the resources and our ambition is to support regional energy hub and other energy solutions. Let us look forward, not backward. That is my message for Africa countries represented here today,” the President mentioned.

Tinubu assured traders and regional companions that his administration is dedicated to constructing an investment-driven and environmentally accountable vitality sector able to delivering vitality prosperity for Nigeria and the continent.

In his opening remarks, Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, set the tone for the anniversary convention with a stark financial actuality examine, declaring that vitality safety is financial safety.

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“When energy becomes expensive or unreliable, the damage reaches far beyond the filling station. Transport fares rise. Factories spend more to produce. Food costs more to reach the market. Small businesses lose their margins first,” Sanwo-Olu warned.

He mentioned that’s the reason this 12 months’s theme, “Secure Energy, Shared Prosperity,” is the suitable take a look at for the business, insisting that offer have to be regular and its advantages should attain the commuter, the dealer and the manufacturing unit proprietor, not solely those that work within the sector.

Sanwo-Olu congratulated OTL Africa on its twentieth anniversary, noting that for 20 years the platform has put regulators, traders, operators and policymakers in a single room to work on the sensible questions of Africa’s downstream sector.

The Governor then highlighted how radically Nigeria’s downstream sector has modified within the final three years beneath Tinubu’s reforms.

Under President Bola Ahmed Tinubu, he mentioned, the Federal Government eliminated the gasoline subsidy and opened the market to personal funding, a transfer that has triggered a dramatic shift in provide dynamics.

“The Dangote Refinery, here in Ibeju-Lekki, produced about 42 million liters of petrol a day in August, according to the regulator’s data, and petrol imports fell by 26 per cent that month, to about 14.6 million liters a day. For a country that depended on imports for most of its petrol only a few years ago, that is a real change,” Sanwo-Olu said.

But he was fast so as to add that output alone just isn’t success, saying the true measure is whether or not product is accessible the place and when Nigerians want it, and what they pay for it.

Against the backdrop of excessive vitality prices for households and companies, Sanwo-Olu outlined Lagos’ three-front technique for treating vitality as an financial matter.

On mobility, he disclosed that the Blue Line has carried greater than six million passengers because it opened in 2023, the Red Line is operating between Agbado and Oyingbo, with the second section of the Blue Line to Okokomaiko scheduled for Q1 2027 and the Green Line to hyperlink Lekki to Marina.

On cleaner gasoline, he mentioned for the reason that begin of 2026, new buses coming into the regulated public transport system should run on CNG or electrical energy, revealing that 152 First and Last Mile buses have been transformed to CNG with gasoline prices reduce by almost half, alongside 2,000 CNG-powered vans launched beneath haulage reforms.

On electrical energy, Sanwo-Olu mentioned Lagos now regulates its personal market by means of the Lagos State Electricity Law and the Lagos State Electricity Regulatory Commission, with distribution now working beneath state-issued licenses aimed toward higher service and personal funding.

He challenged stakeholders at OTL to make use of the anniversary week to reply three crucial questions: How to increase storage and distribution so provide is regular in each area, the best way to finance downstream and gasoline infrastructure at scale to carry prices down, and the best way to make features from native refining attain shoppers as secure and reasonably priced costs.

NOP NIGERIA