KEY POINTS
- ExxonMobil has invested over $3.5 billion in Nigeria’s oil and gas sector, boosting investor confidence.
- The Federal Government is urging increased investment and promising supportive policies to drive growth.
- The company reaffirmed its long-term commitment, citing major contributions from its offshore operations.
The Federal Government has praised ExxonMobil Nigeria for investing over $3.5 billion in the country’s oil and gas sector, describing the move as a strong signal of renewed investor confidence.
The Minister of Interior, Olubunmi Tunji-Ojo, said the scale of investment reflects growing trust in Nigeria’s economic direction.
He noted that the development aligns with reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to attract increased Foreign Direct Investment, particularly in offshore oil exploration.
FG Calls for More Investment, Promises Policy Support
Tunji-Ojo emphasized the need for deeper collaboration with ExxonMobil, stressing that Nigeria has the capacity to significantly boost oil production. He urged the company to expand its investments, adding that the government is committed to providing favourable policies, strategic partnerships, and a supportive business environment.
The minister also assured ExxonMobil of continued backing from the Federal Government, particularly through the Ministry of Interior, to ensure smooth operations and sustained growth in the sector.
During the visit, ExxonMobil’s Chairman and Managing Director, Jagir Baxi, reiterated the company’s commitment to Nigeria, especially in deep-water oil exploration.
He highlighted ExxonMobil’s over 70-year presence in the country and pointed to the Erha offshore platform as a key project contributing significantly to the economy. According to him, the platform has generated more than $1 billion in royalties, $22 billion in taxes, and $300 million in levies for Nigeria.
Baxi also commended the minister’s reforms in internal security and institutional management, noting their importance in creating a stable environment for investment.
