President Bola Tinubu has remained unrelenting in his efforts to attract huge foreign investments to Nigeria as he promises to improve the investment climate in the country.
“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry,” said the President on Monday when he hosted the group chairman and CEO of Total Energies Worldwide, Patrick Pouyanne.
Nigeria is witnessing an economic depression caused by Tinubu’s economic policies that has suffocated businesses.
Despite being the largest economy in Africa, Nigeria is facing a mass exodus of multinational companies, including global pharmaceutical company GlaxoSmithKline (GSK), and American consumer goods giant Procter & Gamble (P&G).
Other big companies like Sanofi-Aventi Nigeria, the local arm of Sanofi S.A, a French multinational pharmaceutical and healthcare giant, are already plotting to cease direct operations and use a third-party distributor to run its business in Nigeria come February 2024.
The companies cite the harsh operating environment in the country triggered by red-hot inflation and foreign exchange supply squeeze.
Yet, Tinubu remains optimistic that “Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors.”
“The moment I took over, there was a clear path that we set out to pursue. We are ready to make a difference as a government,” he added.
The President corroborated his earlier remarks that his government is determined to make Nigeria “the African haven for large-scale investment in all key sectors.”
Meanwhile, the Total Energies boss said his company plans to invest $6 billion in deepwater and gas production opportunities across Nigeria’s oil and gas terrain.
“We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” Pouyanne added.
