Nigeria has signaled renewed openness to increased investment in its offshore oil and gas sector, as the Federal Government intensifies efforts to boost production and attract foreign capital.
The Minister of Interior, Olubunmi Tunji-Ojo, made this known while receiving Jagir Baxi, the newly appointed Chairman, Managing Director, and Lead Country Manager of ExxonMobil Nigeria and its affiliates, including Esso Exploration and Production Nigeria Limited.
Tunji-Ojo expressed confidence that ongoing reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda are strengthening investor confidence and driving a steady rise in Foreign Direct Investment (FDI), particularly in offshore exploration.
“We can increase our production. I sincerely believe we can do more than we are currently doing in oil exploration. We need more investment from ExxonMobil,” the Minister said, emphasizing the importance of enabling policies, strategic partnerships, and alliances to unlock the sector’s full potential.
He assured the ExxonMobil delegation of the Federal Government’s continued support, highlighting the role of the Ministry of Interior in facilitating a secure and investor-friendly environment. The Minister also commended the company’s technological advancements and long-standing contributions to Nigeria’s oil and gas industry, especially in offshore operations.
According to official figures, ExxonMobil and its affiliates have invested over $3.5 billion in Nigeria’s oil and gas sector.
In his remarks, Baxi praised the Minister’s reform-driven approach to strengthening internal security, immigration, emergency management, and correctional services key areas that underpin investor confidence. He reiterated ExxonMobil’s commitment to expanding its footprint in Nigeria, with a focus on deep-water exploration.
Reflecting on the company’s more than 70-year presence in the country, Baxi identified the Erha offshore oil and gas platform as a flagship project, noting its substantial economic contributions. He disclosed that the platform has generated over $1 billion in royalties, $22 billion in taxes, and $300 million in levies for Nigeria.
The engagement underscored ongoing collaboration between the Nigerian government and international oil companies aimed at boosting production, enhancing revenue generation, and sustaining long-term economic growth.
