U.S. energy giant ExxonMobil has indicated it is close to making a $10 billion foreign investment decision in Nigeria, signaling renewed confidence in Africa’s largest oil-producing nation.
The planned investment is expected to focus on deepwater offshore projects, where ExxonMobil is advancing key developments aimed at boosting production capacity and long-term output, as reported by Business Insider Africa.
Company executives noted that preparations are at an advanced stage, with the decision tied to ongoing regulatory alignment and project readiness, particularly in assets such as the Usan and Owowo fields, which are central to the investment pipeline.
Analysts say the potential deal represents a major vote of confidence in Nigeria’s energy sector, with deepwater assets offering attractive returns and positioning the country to increase production, attract capital inflows, and strengthen its role in global energy markets.
