Nigeria Signals Readiness for Increased Offshore Oil and Gas Investment
By Admin
The Minister of Interior, Dr. Olubunmi Tunji-Ojo, has reaffirmed Nigeria’s commitment to attracting greater investment into its offshore oil and gas sector, expressing confidence that ongoing reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda are driving a steady rise in Foreign Direct Investment.
The Minister made this known today while receiving Mr. Jagir Baxi on a working visit. Mr. Baxi is the newly appointed Chairman, Managing Director, and Lead Country Manager of ExxonMobil Nigeria and its affiliates — Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited.
Dr. Tunji-Ojo stressed the country’s capacity to scale up production, noting that increased exploration activities are both necessary and achievable.
“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,” he said.
He assured the ExxonMobil management team of the Federal Government’s unwavering support, particularly from the Ministry of Interior, in creating an enabling environment for business operations.
The Minister also commended ExxonMobil and its affiliates for their advanced initiatives in developing Nigeria’s oil and gas sector, especially in offshore exploration, and appreciated the company’s sustained investment and long-standing commitment to the Nigerian economy.
Available data indicates that ExxonMobil and its affiliates have invested over $3.5 billion in Nigeria’s oil and gas industry.
Earlier, Mr. Jagir Baxi commended the Minister’s reform-driven leadership in strengthening Nigeria’s internal security architecture, including immigration, emergency management, and correctional services. He reaffirmed ExxonMobil’s commitment to continued investment in Nigeria, with a particular focus on deep-water operations.
Highlighting the company’s more than 70-year presence in the country, Mr. Baxi described the Erha offshore oil and gas platform as a flagship project delivering substantial value to Nigeria. According to him, the platform has generated over $1 billion in royalties, $22 billion in taxes, and $300 million in levies for the Nigerian economy.
