June 25, 2025
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The Presidency says contrary to views in certain quarters, the International Oil Companies (IOC) are not exiting the country, rather they are rebalancing and refocusing on deep water.

Mrs Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

Verheijen, who was speaking on the second year anniversary of the Tinubu’s administration, said that, while the IOC are rebalancing, the Nigerian independents (local players) are taking the lead in onshore.

‘Indigenous firms are gaining capacity, they have community credibility and in the long term, we expect them to scale regionally and globally,” she said

Verheijen said the growing capacity of indigenous firms is evident in their ability to acquire divested assets from IOC.

She said the country attained an increase in indigenous equity in gas, from 69 per cent to 83 per cent.

The special adviser urged African investors, DFIs, banks, pension funds, and sovereigns, to be strategic in focus, and strive to fill the vacuum left by International Oil

She also charged industry leaders across the continent, to take a cue from Nigeria, by ensuring that Africa moves beyond appeals for support, but become an investment destination.

Speaking on the legacy she would leave behind, Verheijen said she would like to see more Nigerians have energy, high-paying jobs and the capacity not only to diversify and grow the economy but compete favourably globally.

“I am committed to institutional reforms that endure, that ensure that we remain and continue to grow as an investment-grade country.

“I am also committed to transparency, demonstrable results, life-transforming results, that we’re not going to be just energy-rich but that we’re going to be energy-secured and globally competitive,” she said.

Verheijen thanked President Tinubu for giving her the opportunity to serve in the most critical sector of the economy.

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