FG praises ExxonMobil over $3.5 billion investment in Nigeria’s oil and gas sector
The Federal Government has described the scale of investments by ExxonMobil Nigeria in the oil and gas sector as commendable, noting that such commitments have strengthened investor confidence in the
The Federal Government has described the scale of investments by ExxonMobil Nigeria in the oil and gas sector as commendable, noting that such commitments have strengthened investor confidence in the national economy.
Minister of Interior, Olubunmi Tunji-Ojo, made the remark in Abuja, stating that the development reflects the impact of reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda, which he said is driving a steady rise in Foreign Direct Investment, particularly in offshore oil and gas exploration.
According to a statement signed by the Head of Press and Public Relations in the ministry, Mrs Mary Ali, ExxonMobil and its affiliates have invested over $3.5 billion in Nigeria’s oil and gas industry in recent times.
Ali noted that the minister expressed confidence in the company while receiving the newly appointed Chairman and Managing Director of ExxonMobil Nigeria, Jagir Baxi, during a working visit.
Mr. Baxi is also the Lead Country Manager of ExxonMobil Nigeria and its affiliates — Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited.
“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. Investors require the right policies, as well as strategic partnerships and alliances, " Dr Tunji-Ojo said.
He assured the ExxonMobil management team of the Federal Government’s unwavering support, particularly from the Ministry of Interior.
The Minister commended ExxonMobil and its affiliates for their cutting-edge initiatives in developing Nigeria’s oil and gas sector, especially in offshore exploration. He also expressed appreciation to the company for its sustained investment and commitment to the Nigerian economy.
Earlier, Mr. Baxi commended the Minister’s reform-driven leadership in repositioning Nigeria’s internal security, immigration, emergency management, and correctional services.
He reaffirmed that ExxonMobil will continue to invest in Nigeria, with a focus on deep-water resources.
Highlighting the company’s over 70-year presence in Nigeria, Mr. Baxi cited the Erha offshore oil and gas platform as a flagship project delivering significant value to the country.
He noted that the platform has generated over $1 billion in royalties, $22 billion in taxes, and $300 million in levies for the Nigerian economy.
