Multinationals Are Not Leaving Nigeria - Oil & Gas Free Zone Chief

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The Chief Executive Officer of the Oil and Gas Free Zones Authority, OGFZA, Mr. Bamanga Jada, refuted media claims about oil giants exiting Nigeria, stating that International Oil Companies, IOCs, are actually moving towards deeper waters and divesting their offshore operations.

During a television interview observed in Lagos, Jada stressed the long-standing presence of IOCs in Nigeria and their initiatives to transfer offshore operations to Nigerians while passing on technological expertise.

Instead of exiting Nigeria, Jada clarified that IOCs are prioritizing investments in cleaner, sustainable energy, particularly by exploring gas reserves in deeper waters within the nation's oil and gas sector.

Jada highlighted Shell's efforts to decrease hydrocarbon investments in line with President Tinubu's emissions reduction agenda, emphasizing a transition to gas, considered more environmentally friendly and sustainable.

Jada highlighted government initiatives, emphasizing ongoing discussions with key ministries to improve the efficiency of Nigeria's special economic zones, demonstrating a dedication to removing obstacles and attracting investors.

He further outlined multinational corporations' readiness to engage in gas exploration, pointing to Shell and Total's endeavors to transfer technology and bolster local capacity, particularly in offshore operations.

Jada then commended Total Nigeria Limited's $600 million investment pledge in gas production, citing it as evidence of the effectiveness of the President's economic policies and the attractiveness of Nigeria's investment landscape.

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