Nigeria Seeks Fresh Offshore Oil Investments As Tunji-Ojo Woos ExxonMobil

The minister of Interior, Dr Olubunmi Tunji-Ojo, has declared Nigeria open and ready for expanded partnerships with global energy giants, as the federal government intensifies efforts to attract new investment into its offshore oil and gas sector.

Speaking during a high-level meeting with the chairman and managing director of ExxonMobil Nigeria, Jagir Baxi, the minister expressed confidence that ongoing reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda are already strengthening investor confidence and driving a steady inflow of foreign direct investment.

Tunji-Ojo said, “We can increase our production. I sincerely believe we can do more than we are currently doing in oil exploration. We need more investment from ExxonMobil. Investors require the right policies, as well as strategic partnerships and alliances.”

The minister assured the ExxonMobil delegation of the federal government’s full backing, emphasising that the Ministry of Interior remains committed to creating a secure and business-friendly environment for investors operating in Nigeria’s critical energy sector.

He also praised ExxonMobil and its affiliates ,c including Esso Exploration and Production Nigeria Limited for deploying advanced technologies in offshore exploration and maintaining long-term investments that have significantly contributed to the national economy.

According to official figures, LEADERSHIP gathered that ExxonMobil has invested more than $3.5 billion in Nigeria’s oil and gas industry, reinforcing its position as one of the country’s most enduring energy partners.

In his remarks, the chairman and managing director of ExxonMobil Nigeria, JagirBaxi reaffirmed the company’s commitment to Nigeria, highlighting plans to deepen investments in offshore and deep-water operations.

He also commended the Interior Ministry’s reform initiatives, particularly in strengthening internal security, immigration systems, and emergency response frameworks , which he described as key factors in sustaining investor confidence.

Pointing to the Erha offshore oil field as a flagship project, Baxi said
with over 70 years of operations in Nigeria, ExxonMobil continues to play a pivotal role in the country’s energy landscape, noting that it has generated more than $1 billion in royalties, $22 billion in taxes, and $300 million in levies for the Nigerian economy.

This is even as industry observers say the renewed push for offshore investment signals Nigeria’s determination to boost production capacity, diversify revenue streams, and remain competitive in the evolving global energy market.