The Presidency has dispelled widespread concerns over the departure of International Oil Companies (IOCs) from Nigeria, stating that the companies are not leaving the country but are instead recalibrating their operations with greater emphasis on deepwater exploration.
This clarification was given by Mrs Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, during a media interview in Abuja as part of activities marking the administration’s second anniversary.
Verheijen explained that although IOCs are shifting their attention offshore, Nigerian-owned oil companies are increasingly stepping into onshore operations with growing competence and influence.
“Indigenous firms are strengthening their capabilities. They have the trust of local communities, and in the long run, we anticipate they will expand their presence both regionally and globally,” she stated.
She noted that this expanding capacity is already evident in the way Nigerian companies are acquiring onshore assets divested by IOCs. She further pointed out that indigenous equity in Nigeria’s gas sector has grown markedly, rising from 69 percent to 83 percent.
The energy adviser urged African investors, development finance institutions (DFIs), commercial banks, pension fund administrators, and sovereign wealth funds to take up the investment space previously dominated by the IOCs.
She encouraged industry players across the continent to take inspiration from Nigeria’s strategic approach to energy transition and move away from dependence on external actors, positioning Africa as a viable investment destination.
Looking forward, Verheijen reaffirmed her commitment to institutional reforms and greater transparency, with a focus on securing long-term energy stability, generating well-paying jobs, and enhancing Nigeria’s global competitiveness in the energy space.
“I want to be remembered for reforms that elevated Nigeria to investment-grade status, ensured energy security, and promoted economic diversification,” she concluded, while thanking President Tinubu for assigning her to such a crucial sector.