Nigeria Seeks Gulf Energy Partnerships

Nigeria's Foreign Minister, Yusuf Tuggar, has urged Gulf oil and gas producers to view Nigeria as a strategic partner rather than a rival, especially in light of the ongoing Middle East conflict disrupting shipments through the Strait of Hormuz. Tuggar emphasized Nigeria's vast untapped oil and gas reserves as a viable alternative source to diversify global supply. He noted that Nigeria's oil output has increased to 1.7 million barrels per day under President Bola Tinubu and could grow further with new capital. Nigeria has already signed an economic partnership agreement with the United Arab Emirates, and Qatar-linked investors plan gas investments. While analysts caution about investment risks in Nigeria, the country is also expanding its domestic refining capacity, with the Dangote refinery now meeting local demand, aiming to mitigate the impact of rising global oil prices.