French energy giant TotalEnergies has unveiled its plans to invest $6 billion in Nigeria’s oil and gas industry over the coming years, focusing on offshore projects and gas production across all terrains. This significant investment is a major boost for Nigeria’s economy and its efforts to attract foreign investment.
The company while unveiling the plans, maintained that it is aimed at supporting Nigeria’s economic growth and development, as well as to capitalize on the country’s vast energy potential
What you should know:
Analysts have maintained that the investment is expected to lead to a significant increase in Nigeria’s oil and gas production, which could boost government revenue and create jobs.
The investment is also designed to support the government’s planned development of new infrastructure, such as pipelines and processing facilities, which will benefit the Nigerian economy as a whole.
TotalEnergies has been present in Nigeria for more than 60 years and employs more than 1,800 people across different business segments. According to reports, Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production where the Company produced 204 000 boe/d in 2022.