The Presidency has dismissed growing concerns in some quarters that International Oil Companies (IOCs) are exiting Nigeria, clarifying instead that the companies are strategically shifting focus towards deepwater operations.
This reassurance was given by the Special Adviser to President Bola Tinubu on Energy, Mrs. Olu Verheijen, during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.
According to Verheijen, the narrative of a mass IOC exodus is misleading. She explained that what is happening is a deliberate move by these companies to rebalance their portfolios, concentrating on offshore, deepwater projects that offer higher returns and lower operational risks compared to onshore ventures.
“There is no exit. What we are seeing is a rebalancing,” Verheijen stated. “The companies are refocusing on the deepwater segment of the industry, which remains highly profitable and critical to Nigeria’s oil production future.”
The Energy Adviser emphasized that the Tinubu administration is actively working to ensure a more attractive investment climate, including ongoing reforms in the petroleum sector aimed at improving operational efficiencies, regulatory certainty, and investor confidence.
She added that the government’s engagement with IOCs remains strong and collaborative, particularly in driving forward strategic projects that align with Nigeria’s long-term energy security and economic growth objectives.
The clarification comes amid reports and public speculation regarding asset divestments by some major oil firms. Analysts have noted that while some companies are selling onshore assets, it is largely due to longstanding security and environmental challenges, not a wholesale withdrawal from Nigeria.
Verheijen concluded by reaffirming that the administration is committed to positioning Nigeria as a global hub for energy investment, with a focus on sustainability, innovation, and growth in the evolving energy landscape.
