Nigeria must turn oil, gas gains into industrial growth – Expert
Abuja, Oct.2026 (TBL Africa) Dr Chijioke Ekechukwu, an economic expert says Nigeria should translate improvements in crude oil production and the reduction in oil theft to higher revenues and stronger industrial activity.
Ekechukwu made this known on Thursday in Abuja in an interview while reacting to President Bola Tinubu’s Independence Day address titled “From Reform to Prosperity”.
According to the president, Oil theft has reduced, while inflation has fallen substantially from its peak.
The president said that Nigeria would use its gas to power new industries, support businesses that work to bring factories back to life in great industrial centres.
He also said that the economy had grown by over four per cent in 2026, while both oil and non-oil sectors had contributed to the renewed period of stable growth.
Ekechukwunsaid the country could do more to maximise its oil and gas resources through technology and improved utilisation.
He said technology should be deployed extensively to monitor oil pipelines, identify theft and detect disruptions that could undermine crude oil production.
“The bigger opportunity lies in Nigeria’s gas resources, which remain largely underutilised in spite of their capacity to support industries and electricity generation.
“Increased use of gas to power factories and generate electricity will help address energy constraints and support the revival of industries across the country,” he said.
Ekechukwu also called for measures to reduce gas flaring, saying Nigeria must derive greater economic value from its natural resources by converting them into productive economic activities.
He said maximising oil and gas resources would be critical to increasing production, improving government revenue and strengthening the country’s economic growth.
Ekechukwu said Nigeria’s 4.2 per cent economic growth would be sustainable if the country could maintain macroeconomic stability and improve productivity across sectors.
He said the stability recorded in inflation, the foreign exchange market, interest rates, and the capital and money markets had improved the ability of businesses to plan and make projections.
According to him, the growth trajectory can be sustained if other sectors of the economy become more productive and factories return to full operations.
He, however, underscored the need for increased job creation, noting that economic growth must translate into employment and improved livelihoods.
Ekechukwu said sectors such as hospitality, entertainment and mining must contribute more to foreign exchange earnings, rather than Nigeria relying heavily on oil and gas.
