The Federal Government (FG) has stepped up its push for increased offshore investment, pointing to recent policy reforms as a turning point in restoring investor confidence and stabilising Nigeria’s oil and gas sector.
The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Thursday while receiving the newly appointed Chairman and Managing Director of ExxonMobil Nigeria, Jagir Baxi.
The meeting highlighted the administration’s broader effort, under President Bola Tinubu’s Renewed Hope Agenda, to position Nigeria as a more attractive destination for foreign direct investment in energy.
READ ALSO: Lagos seeks partners to tackle coastal erosion
Tunji-Ojo stressed that Nigeria was still operating below its full oil production capacity, particularly in offshore exploration.
He urged stronger collaboration between the government and global energy players to unlock that potential.
“We can increase our production. I sincerely believe we can do more than we are currently doing in oil exploration,” he said.
🔍 Explore More
- NRTC English Knowledge Base – Learn, improve, and sharpen your English skills.
- Top Stories From Around the World – Stay informed with the latest global news and insights.
- Specially Curated Listicles – Discover interesting lists, guides, and deep dives selected for our readers.
- Stay Updated: Join our mailing list and never miss the latest articles and updates from NRTC.
“What investors need are the right policies, backed by strong partnerships and clear alignment.”
He also assured ExxonMobil of the Ministry’s support in easing administrative processes and strengthening security frameworks—two areas often flagged by investors as critical to doing business in Nigeria.
In response, Baxi reaffirmed ExxonMobil’s long-standing commitment to Nigeria, with a clear focus on expanding deep-water operations.
He pointed to the Erha offshore platform as a flagship project in the company’s decades-long presence in the country.
According to figures shared during the meeting, the platform alone has delivered significant economic value, including about $1 billion in royalties, $22 billion in taxes, and $300 million in other levies.
Overall, ExxonMobil and its affiliates have invested more than $3.5 billion in Nigeria’s oil and gas sector, underlining the scale of their involvement.
READ ALSO: FG seeks global backing to train millions of youths
Baxi also acknowledged ongoing improvements in Nigeria’s regulatory and operational environment, particularly reforms in immigration, internal security and emergency response systems—areas that directly affect the efficiency and safety of international oil operations.
The engagement comes as the FG intensifies efforts to attract fresh capital into offshore oil blocks, banking on clearer policies and improved security to drive a new phase of growth in the energy sector.
