Nigeria’s foreign minister has called on major oil producers in the Persian Gulf to see the West African nation as a strategic partner rather than a rival, arguing that cooperation could help secure global energy supplies during geopolitical crises.
Speaking on the issue, Yusuf Tuggar, Nigeria’s foreign minister, said rising tensions in the Middle East underscore the importance of diversifying energy sources, especially as disruptions affect shipments through the Strait of Hormuz, one of the world’s most vital oil transit routes.
Around one-fifth of the world’s oil supply moves through the strait, and the latest conflict involving Iran has forced some exporters to suspend shipments, pushing prices higher and raising concerns about global energy security.
Tuggar said Nigeria’s significant untapped reserves could offer Gulf states an alternative source of crude oil and natural gas when such disruptions occur.
“It’s in line with what we’ve always advocated, that countries which might otherwise consider us competitors should partner with us and invest so they can diversify their market share,” he said.
Nigeria’s oil sector, which has long struggled with underinvestment, crude theft, and pipeline vandalism, has recently begun to recover. Tuggar noted that production has risen to roughly 1.7 million barrels per day, compared with about 1.4 million barrels when Bola Tinubu assumed office in 2023.
He added that with greater capital investment in upstream projects and pipeline infrastructure, the country could further increase its output.
Some analysts warn that growing instability in the Middle East including tensions involving the United States and Israel with Iran could cause Gulf investors to delay projects in Africa. Tuggar, however, believes the situation could instead encourage stronger partnerships.
“It could make them want to work with countries like Nigeria that are rich in gas and oil to diversify market share for the benefit of both countries,” he said.
Nigeria has already moved to strengthen economic relations with Gulf partners. In January, Abuja signed a Comprehensive Economic Partnership Agreement with the United Arab Emirates aimed at expanding trade and investment.
Investors linked to Qatar have also announced plans to invest in Nigeria’s gas sector, although timelines for these projects remain uncertain.
Despite these developments, energy analysts note that large investment commitments in Nigeria often encounter slow approval processes and implementation hurdles.
Within the country, authorities continue to deal with the impact of high oil prices, as Nigeria still imports significant volumes of refined petroleum products.
Tuggar explained that higher fuel costs have pushed up transportation and food prices, pressures that tend to intensify during Ramadan when consumption levels typically rise.
However, Nigeria expects its exposure to external shocks to decrease as domestic refining capacity expands. The massive Dangote Refinery, owned by the Dangote Group, says it is currently operating at its full capacity of 650,000 barrels per day, theoretically enough to meet the country’s fuel demand.
Tuggar emphasised that hydrocarbons will remain a key part of the global energy mix for the foreseeable future.
“The world consumes about 105 to 106 million barrels per day,” he said. “I don’t see that changing much anytime soon, so we need to work together so we have enough hydrocarbons available.”