Nigeria : FG hails TotalEnergies’ $30m investment in eight years
- 19 May 2022 / News / 436 / Fares RAHAHLIA
The Federal Government has commended TotalEnergies EP for investing no less than $30 million within the last eight years in the economy.
According to him, the federal government is not unaware of the challenges bedeviling the sector, but charged the IOCs to devise innovative solutions to turn these challenges to opportunities.
Wabote stated this during TotalEnergies EP 60th anniversary gala in Lagos.
He, however, commended TotalEnergies’ for its investment stride over the years, maintaining that the company has continued to believe in Nigeria despite the harsh operating business environment for businesses.
In his words: “Over $30 million has been invested in the space of eight years. This is by far more than what any other IOC has invested. There is no basis for comparison. I want to use this opportunity to challenge other IOCs to keep believing in Nigeria as the Federal Government will continue to provide the enabling environment for businesses to thrive.”
Earlier, the Country Chair, TotalEnergies Nigeria, Mike Sangster, said in the 60 years of exploration and production in the country, the company has grown from a modest beginning to be the second largest oil and gas producing company here.
He added that the partnership between Nigeria and TotalEnergies has been a successful one, but lamented on the current state of insecurity in the country, which he said is greatly reducing its onshore production.
“So, we have also had our own fair share of challenges to overcome but what I have seen personally over the past three years is that when our teams, all our teams, put their heads together, there is no problem that cannot be resolved.
“Indeed, this also emphasizes the need for Nigeria to remain globally competitive to continue to attract investment, especially in gas and LNG, to derive the much-needed revenue, and meet the developmental and economic needs of its people, while financing the energy transition.”
He said the company would continue to collaborate with the government, its partners and other stakeholders to help further develop the economy of the country while also meeting the socio-economic needs of its teeming citizens and play its leadership role on the continent.
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