Oil, gas investments boost Nigeria’s economy – Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that recent incentives in Nigeria’s oil and gas sector have attracted $3 billion in investments. He made this revelation during the Nigerian Economic Summit in Abuja on Tuesday.

Edun highlighted ExxonMobil’s commitment to invest $10 billion in deep-water operations, further showcasing the sector’s revitalization. He added that other indigenous companies are also contributing to this growing investment trend.

“The oil and gas sector has been revamped, with incentives yielding about $3 billion in investments. ExxonMobil has pledged $10 billion, and local players are following suit,” Edun said.

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He emphasized that the oil and gas industry remains the country’s primary source of foreign exchange and government revenue, with expectations of production reaching 2 million barrels per day.

Beyond oil and gas, Edun noted that the manufacturing sector is also witnessing significant investment, with a major player committing $1.2 billion following recent tax reforms and incentives aimed at boosting growth.

This follows the federal government’s introduction of tax reliefs and VAT exclusions for deep offshore oil projects and other key sectors to attract more investments into the Nigerian economy.