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Top executives from four major International Oil Companies (IOCs) have urged the Nigerian Federal Government to preserve the spirit and intent of recent Presidential Directives as the country continues deliberations on a new tax bill aimed at reforming its fiscal landscape.
This call came during a high-level meeting on May 26, 2025, between the IOCs and Olu Verheijen, special adviser to the President Bola Tinubu on Energy.
The delegation included representatives from TotalEnergies, ExxonMobil, Nigerian Agip Exploration Limited, and Chevron Nigeria Limited—four of the largest foreign investors in Nigeria’s oil and gas sector.
The discussions focused on recent reforms by the Tinubu administration aimed at improving the ease of doing business in Nigeria and attracting fresh investment into the nation’s critical energy industry. The executives commended the Federal Government for initiating sweeping changes that have helped to boost investor confidence and reinvigorate interest in the Nigerian oil and gas sector.
“The delegation commended the Federal Government for recent reforms aimed at restoring investor confidence and improving Nigeria’s business environment,” Verheijen shared in a statement following the meeting.
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However, the executives also emphasised the need to remain consistent and transparent in the reform process. They highlighted the importance of fully preserving the original goals of the Presidential Directives, which were issued to streamline project approvals, remove bottlenecks, and foster a more competitive and investor-friendly regulatory environment.
As discussions continue on the proposed tax bill, a key component of Nigeria’s fiscal reform agenda, the oil majors expressed concern that any misalignment with the spirit of these directives could reverse the progress made in restoring investor trust.
Industry insiders interpret this message as a call for policy continuity and clarity at a time when Nigeria is seeking to expand investment in its oil and gas sector amid fierce global competition for capital.
The IOCs’ message is clear: while they support Nigeria’s ambition to reform, these reforms must be implemented in ways that reflect the practical realities of doing business in the sector.
In response, Verheijen reaffirmed the Nigerian government’s commitment to ensuring that ongoing fiscal and regulatory changes align with the country’s strategic economic goals while providing certainty and long-term value to investors.
“I reaffirmed the Government’s commitment to aligning fiscal and regulatory reforms with national priorities, ensuring they deliver clarity, competitiveness, and long-term value for both investors and Nigeria,” she said.
Analysts say that maintaining open channels of communication with IOCs is vital, particularly as Nigeria aims to increase oil production, curb oil theft, and diversify its energy mix in the face of the global energy transition.
Many believe that the ongoing reforms, if effectively implemented, could unlock billions of dollars in delayed investments and put Nigeria back on the map as a top destination for energy capital.
