ABUJA, Oct 1 (Reuters) - Exxon Mobil Corp's ( XOM ) deal
to sell its Nigerian onshore assets to Seplat Energy
will be approved in days after getting clearance from the
regulator, President Bola Tinubu said on Tuesday.
The $1.28 billion deal has been closely watched since it was
first announced in 2022 with analysts saying it would also
signal to investors that similar deals, such as Shell's asset
sale to Renaissance in January, are likely to get approval.
Tinubu, in a televised broadcast to mark Nigeria's 64 years
of independence, said his government was committed to make it
easy for investors to come and go while upholding the country's
regulatory processes.
"As such, the ExxonMobil Seplat divestment will receive
ministerial approval in a matter of days, having been concluded
by the regulator," Tinubu said.
The Nigerian Upstream Petroleum Regulatory Commission has
not yet announced approving the deal.
Nigeria is struggling to raise output of oil, its biggest
export earner, mainly due to theft of crude and pipeline
vandalism in the Niger Delta, forcing companies like Exxon and
Shell to look to deepwater projects for expansion.
The presidency announced last week that Exxon had proposed a
$10 billion investment in offshore oil operations in a new
investment push in Nigeria.
Tinubu said his government would continue with reforms to
woo investors, adding that Nigeria had attracted foreign direct
investments worth more than $30 billion since he came to office
last year.
But his reforms, which include easing forex controls and
devaluing the currency and cutting subsidies on fuel and
electricity, have worsened a cost of living crisis and angered
citizens.
Tinubu promised fiscal reforms, including reducing taxes on
businesses, to make Nigeria more attractive to investors.
(Writing by MacDonald Dzirutwe, editing by Ed Osmond)