Nigeria has urged Gulf oil and gas producers to see the country as a strategic partner rather than a competitor, as instability in the Middle East continues to disrupt global energy markets.
Foreign Minister Yusuf Tuggar said tensions involving Iran, which have affected shipments through the Strait of Hormuz — a route that carries about 20% of global oil supply — highlight the need for countries to diversify their energy sources.
He stressed that Nigeria’s vast untapped oil and gas reserves could offer Gulf nations an alternative supply option while encouraging stronger investment and cooperation in the energy sector.
Nigeria has already increased its oil production to around 1.7 million barrels per day, up from 1.4 million barrels per day in 2023, despite ongoing challenges such as pipeline vandalism, oil theft and years of underinvestment.
The country is also strengthening energy ties with Gulf partners. In January, Nigeria signed a Comprehensive Economic Partnership Agreement with the United Arab Emirates, while investors linked to Qatar have announced plans to invest in Nigeria’s gas sector.
Officials believe deeper cooperation could help stabilize global energy markets while improving long-term energy security for both Nigeria and Gulf producers.
Source: Newstimehub
