"Nigeria Set to Approve Exxon Sale of Oil, Gas Assets to Seplat"

" Nigeria Set to Approve Exxon Sale of Oil, Gas Assets to Seplat \r\n Nigeria is set to approve Exxon Mobil Corp.\u2019s sale of its oil and gas assets to domestic energy supplier Seplat Energy Plc, President Bola Tinubu said. \r\n The \u201cdivestment will receive ministerial approval in a matter of days,\u201d Tinubu said in a speech on Tuesday marking Independence Day in the West African nation. The move will \u201cincrease oil and gas production, positively impacting our economy,\u201d he said. \r\n Africa\u2019s largest oil producer has consistently failed to meet its OPEC target because of years of underinvestment in its oil industry, a key driver of economic growth and government revenue. The country produced 1.48 million barrels of crude per day in August, compared with an OPEC quota of 1.5 million barrels, according to data compiled by Bloomberg. \r\n Last week, Nigerian Vice President Kashim Shettima said that Exxon is considering investing as much as $10 billion in the country\u2019s offshore oil industry in coming years. Seplat has previously said that acquiring Exxon\u2019s assets would almost quadruple the company\u2019s oil output to more than 130,000 barrels per day. \r\n Approving the sale of assets to Seplat will end a more than two-year hiatus that stalled the conclusion of the $1.3 billion transaction. Nigeria\u2019s state oil company in June withdrew a legal challenge blocking the transaction. \r\n \u201cOur administration is committed to free enterprise, free entry, and free exit in investments, while maintaining the sanctity and efficacy of our regulatory processes,\u201d Tinubu said. \r\n The president said that economic reforms implemented by the government since he took office in May 2023 have attracted more than $30 billion in foreign direct investment to the country. While the policy overhaul has been welcome by foreign investors, it\u2019s spawned a cost-of-living crisis in Africa\u2019s most-populous nation that triggered deadly protests. "

"Nigeria Set to Approve Exxon Sale of Oil, Gas Assets to Seplat"

BoG Announces new Net Open Position Limits for Banks to Strengthen FX Risk Management; Effective October 1 AMP

Economic Activity Maintains Momentum as CIEA Expands by 6.1% in JulyAMP

GFA Delivers Historic GHS 1 Million Payment to Each Premier League Club Under New Broadcast DealAMP