ExxonMobil’s $10bn New Investment In Nigeria, Evidence Of Tinubu’s Pro-Business Policies—TMSG

The Tinubu Media Support Group (TMSG) has highlighted the announcement of ExxonMobil’s new $10 billion deep-water investment in Nigeria as yet another example of the country’s readiness for serious business under President Bola Tinubu’s leadership.

In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group stated that it reflected the administration’s pro-business policies.

The statement reads: “Coming just a few days after TotalEnergies launched a new $.5 billion upstream gas project, this proposal by another International Oil Company (IOC) demonstrates how the Tinubu administration has continued to make Nigeria a viable investment destination.

“ExxonMobil’s willingness to invest $10 billion in its deep-water operation, as revealed by Chairman and Managing Director of its Nigeria operations, Shane Harris, is also concrete evidence that the country’s economy is on the right track.

“This is because a major global energy company will not make such a large investment unless it is certain of receiving value for money. We know that scaremongers claimed that the country is not in a position to attract large businesses, but they were proven wrong once again.

“So, for us at TMSG, it is a vote of confidence in the Tinubu administration’s investment-friendly policies and pro-business approach to governance.

“The multinational oil giant’s decision to increase its investment in Nigeria follows a recent visit by the company’s global head, during which President Tinubu made his usual sales pitch about the country’s readiness for big businesses in all sectors.

“We can easily recall that it presented the President with an opportunity to inform his guests about three Executive Orders on the oil and gas sector that became effective on February 28, 2024, and are targeted at ensuring new investments in the sector by provisions of the Petroleum Industry Act (PIA).

“These are the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024; and Presidential Directive on Reducing Petroleum Sector Contracting Costs and Timelines.”

“To be clear, the EOs were prompted by President Tinubu’s vision of a more investment-friendly Nigeria, as well as the need to create a more enabling environment for transformational projects.

“As Vice President Kashim Shettima stated while receiving the ExxonMobil team on the sidelines of the UN General Assembly in New York, we want to emphasise that the Renewed Hope Agenda places a high value on ease of doing business.

“That is why the Tinubu administration chose to unify the exchange rate, eliminate fuel subsidies, and implement tax reforms that have been difficult for the people in the short term but are aimed at creating a more stable and resilient economy as well as an improved business environment in the long run.”

“It is also good to know that despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil is keen to inject a billion dollars annually into maintenance operations as well as an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.

“On the back of ongoing reforms in the oil sector, the country has taken steps to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives to attract investors.

Not surprisingly, the world is responding to Nigeria’s call, and we dare say that more global players will show interest in the country.

TMSG urged Nigerians to see ExxonMobil’s announcement of an additional $10bn investment in the country as a confirmation of President Tinubu’s promise of better days ahead.