ExxonMobil, a significant international oil and gas business, recently sent a group to see President Bola Tinubu in New York. President Tinubu made it clear during their discussion that Nigeria is no longer content with meager investments from the most powerful energy giants in the world. The point that he emphasized was that “Nigeria is now better prepared for business than ever before.”
President Tinubu, drawing from his extensive private sector experience as a professional accountant in the oil & gas sector, highlighted his ability to make tough decisions as President. He expressed his readiness to tackle challenges and remove any obstacles hindering significant capital inflow into Nigeria’s oil & gas industry. He stated, “The complex issues require my direct oversight. Despite my numerous responsibilities, I am committed to overseeing the process of eliminating these hindrances to job creation and wealth generation for the Nigerian people. We understand the industry; it is part of our upbringing. We are well-positioned to address the issues, and our approach is practical. We will resolve the problems.”
Liam Mallon, ExxonMobil’s President of Global Upstream Operations, assured President Tinubu that he recognized the President’s new and personal dedication to Nigeria’s interests. He pledged to reciprocate the President’s commitment with fresh investments, announcing plans for an initial production increase of approximately 40,000 barrels per day (bpd) in ExxonMobil’s Nigerian operations as part of a new investment initiative in the country.
Mallon stated, “Your assurance was that your team would collaborate with us, and this commitment has held true. We have made substantial progress since our last meeting. Our production is growing, and we are diligently working on expanding our deepwater production. We appreciate your leadership and will respond in kind. The timing is opportune. Thank you for your leadership.”