Nigeria Woos Offshore Oil Investment as Interior Minister Courts ExxonMobil
By Onwe Wisdom, Pan Afric Reporters
The Federal Government has reaffirmed Nigeria’s openness to increased foreign investment in the offshore oil and gas sector, with the Minister of Interior, Olubunmi Tunji-Ojo, expressing confidence that ongoing reforms are positioning the country as a prime destination for global energy investors.
The position was disclosed in a statement issued by Mary Ali, Head of Press and Public Relations at the Ministry of Interior.
Tunji-Ojo made the remarks while receiving Jagir Baxi, Chairman, Managing Director and Lead Country Manager of ExxonMobil Nigeria and its affiliates, including Esso Exploration and Production Nigeria (Offshore East) Limited.during a working visit in Abuja.
The minister said reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda are already boosting investor confidence and driving a steady rise in foreign direct investment, 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,” Tunji-Ojo said.
“Investors require the right policies, as well as strategic partnerships and alliances,” he added, assuring the company of the Federal Government’s full support.
He commended ExxonMobil for its sustained commitment to Nigeria’s oil and gas sector, particularly its advanced offshore exploration initiatives, noting that the company has invested over $3.5 billion in the industry.
Responding, Baxi praised the minister’s reform-driven leadership, particularly in strengthening internal security, immigration, emergency management, and correctional services.
“ExxonMobil remains committed to Nigeria and will continue to invest, especially in deep-water resources,” he said.
Highlighting the company’s long-standing presence in Nigeria spanning over 70 years, Baxi pointed to the Erha offshore oil platform as a flagship project delivering significant economic value.
According to him, the platform has generated over $1 billion in royalties, $22 billion in taxes, and $300 million in levies for Nigeria.
The Federal Government reiterated its commitment to fostering an enabling environment for investors, with a focus on policy stability, security, and strategic partnerships aimed at unlocking the full potential of Nigeria’s energy sector.
