The Presidency has dismissed speculations suggesting that International Oil Companies (IOCs) are exiting Nigeria, clarifying that the companies are merely realigning their focus toward offshore operations, particularly in deepwater assets.

 

Mrs. Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, provided the clarification during an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, as part of activities marking the second anniversary of the Tinubu administration.

 

Verheijen explained that IOCs are not abandoning Nigeria but are rebalancing their portfolios, while Nigerian independent operators are stepping up to lead onshore oil and gas activities.

 

“While the IOCs are rebalancing, Nigeria’s indigenous firms are gaining ground. They bring community credibility and growing capacity. In the long term, we expect these local players to scale, both regionally and globally,” she stated.

 

 

 

She noted that this shift is evident in the acquisition of divested assets by indigenous companies and the rising share of indigenous equity in gas, which has grown from 69% to 83%.

 

Local and Regional Opportunities for Growth

 

Verheijen urged African investors, development finance institutions (DFIs), banks, pension funds, and sovereign wealth funds to strategically position themselves to fill the gap left by IOCs in onshore operations.

 

She also encouraged energy leaders across Africa to draw inspiration from Nigeria’s evolving energy landscape.

 

“It’s time for Africa to move beyond calls for external support and start positioning itself as a serious investment destination,” she emphasized.

 

 

 

Institutional Reform and Energy Security

 

Reflecting on the legacy she hopes to leave, Verheijen said her focus is on ensuring that more Nigerians gain access to energy, secure high-paying jobs, and that the country builds the capacity to diversify and compete globally.

 

“I am committed to institutional reforms that endure—reforms that keep Nigeria on track as an investment-grade country,” she said.

“Transparency and tangible, life-changing outcomes are my priorities. We won’t just be energy-rich; we aim to be energy-secure and globally competitive.”

 

 

 

Verheijen’s remarks underscore the administration’s broader energy strategy: leveraging local capacity, fostering investment, and ensuring long-term sustainability in Nigeria’s oil and gas sector.