Nigeria is reaching out to international oil producers to become a key partner in stabilizing the world’s energy market.
As war in the Middle East blocks vital shipping routes, Nigeria’s Foreign Minister, Yusuf Tuggar, says the country offers a “safe harbor” for energy investment.
The ongoing conflict in Iran has paralyzed the Strait of Hormuz, a narrow waterway that usually handles 20% of the world’s oil.
With this route currently blocked for many exporters, Nigeria is pushing Gulf energy giants to stop seeing the country as a competitor and start seeing it as a backup supply hub.
Speaking to Reuters on Wednesday, Minister Tuggar explained that Nigeria’s massive oil and gas reserves are ready for more investment.
He argued that these reserves could help lower global prices, which have recently spiked toward $120 per barrel.
“Countries which might otherwise consider us competitors should partner with us and invest so they can diversify their market share, working with us,” Tuggar said.
Production Growth and New Deals
Under President Bola Tinubu, Nigeria has worked to fix old problems like oil theft and broken pipelines.
While latest figures show some monthly fluctuations, the government has successfully pushed total production toward 1.7 million barrels per day (bpd), up from 1.4 million bpd in 2023.
To make investing easier, Nigeria signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) in January 2026.
This deal removes taxes on thousands of products and makes it easier for Middle Eastern investors to put money into Nigerian gas projects.
The Minister also highlighted that Nigeria is now better at protecting itself from global price swings. This is thanks to the Dangote Refinery, which reached its full capacity of 650,000 bpd last month.
The facility is now able to supply enough petrol to meet all of Nigeria’s domestic needs, reducing the country’s reliance on expensive imports.
“At the moment, the world consumes about 105 to 106 million barrels per day,” Tuggar noted, emphasizing that oil will remain important for years.
He believes that by working together, Nigeria and Gulf nations can ensure there is enough fuel for everyone, even during a crisis.
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