President Bola Tinubu of Nigeria has reaffirmed his commitment to revitalizing Nigeria’s oil and gas industry during a meeting with ExxonMobil’s global leadership on the sidelines of the United Nations General Assembly in New York. The meeting resulted in pledges of increased investment and production from ExxonMobil, signaling a new era of collaboration and growth for Nigeria’s energy sector.
President Tinubu expressed Nigeria’s determination to shed its previous role as a passive player in the global energy landscape, stating that the country was no longer content with mere “crumbs and leftovers” when it came to investments from major energy conglomerates like ExxonMobil. He emphasized that Nigeria was now more prepared than ever to welcome substantial investments.
In a statement released by presidential spokesperson Chief Ajuri Ngelale, President Tinubu, drawing on his extensive experience in the oil and gas industry, declared his readiness to address the industry’s challenges and facilitate large-scale capital inflows. He highlighted the need for direct oversight to tackle complex issues, assuring the nation that he was willing to lead the effort personally.
“The knotty issues require direct supervision on my part. Despite many contending obligations, I will sit down and oversee the process of removing these encumbrances to job and wealth creation for the Nigerian people. We know the industry. We grew up in it. We are positioned to solve the problems, and we are pragmatic, and we will solve the problem,” President Tinubu affirmed.
Liam Mallon, President of Global Upstream Operations at ExxonMobil, expressed his awareness of President Tinubu’s renewed commitment and his company’s readiness to reciprocate with significant investments. Mr. Mallon announced ExxonMobil’s intention to increase production by nearly 40,000 barrels per day (bpd) in its Nigerian operations as part of the initial phase of a substantial new investment plan in Nigeria.
“What you told us was that your team would collaborate with us, and that has proven true. We have made significant progress since we last met. We are growing our production, and we are working hard on expanding in the deepwater production. We appreciate your efforts, and we will respond in kind. The time is right. Thank you for your leadership,” Mr. Mallon stated.
This meeting marks a pivotal moment for Nigeria’s oil and gas sector, as it signifies a renewed commitment from both the government and one of the world’s leading energy companies to foster growth, innovation, and prosperity in the country’s energy industry. With President Tinubu’s personal dedication and ExxonMobil’s pledge of substantial investment, Nigeria’s energy sector is poised for significant development in the coming years.