President Bola Ahmed Tinubu has asserted that Nigeria is currently well-positioned, both in terms of resources and leadership, to demonstrate its readiness for active engagement in the oil and gas industry.
He made this declaration during a meeting with a delegation representing ExxonMobil, a prominent global player in the oil and gas sector, in New York.
President Tinubu underscored his extensive private sector experience in the oil and gas industry as a professional accountant. He emphasized that this background has not only equipped him to make tough decisions as President but has also prepared him to address challenges and overcome barriers obstructing significant capital inflow into Nigeria’s oil and gas sector.
Furthermore, he emphasized that Nigeria is no longer willing to settle for meager investments and marginal roles in the investment plans of the world’s foremost energy conglomerates. He emphasized that Nigeria is now better prepared for substantial engagement in the industry.
President Tinubu expressed his commitment to personally oversee the resolution of complex issues that hinder job creation and wealth generation for Nigerians. He emphasized his pragmatic approach to tackling these issues, rooted in his in-depth industry knowledge.
Liam Mallon, ExxonMobil’s President of Global Upstream Operations, acknowledged President Tinubu’s renewed dedication to Nigeria’s interests and pledged ExxonMobil’s readiness to reciprocate these efforts with substantial new investments. Mallon committed to launching a new phase of investment in Nigeria, with an initial commitment of nearly 40,000 barrels per day (bpd) of new production.
Mallon expressed gratitude for President Tinubu’s leadership and highlighted the positive progress made in their collaboration, as well as their plans for expanding deepwater production.
