President Bola Tinubu, in a recent address, reaffirmed his administration’s commitment to fostering free enterprise and regulatory efficiency in Nigeria’s petroleum sector. Speaking on the government's approach to economic reforms, Tinubu disclosed that the long-awaited ExxonMobil-Seplat divestment would receive ministerial approval in the coming days, following the conclusion of the process by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in accordance with the Petroleum Industry Act (PIA).

"The ExxonMobil-Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act," the President stated. He emphasized that this move is consistent with other qualified divestments approved in the sector, aimed at improving Nigeria's oil and gas production.

According to Tinubu, this transaction will inject vibrancy into the upstream petroleum sector, leading to increased production of oil and gas, which is expected to have a significant positive impact on Nigeria’s economy.

On monetary policy, the President highlighted the disciplined approach taken by the Central Bank of Nigeria (CBN) in managing foreign exchange, which has resulted in stability in the forex market. Reflecting on the government’s economic achievements since taking office 16 months ago, Tinubu revealed that his administration inherited over $33 billion in foreign reserves, while also grappling with a $7 billion forex backlog.

"In the past 16 months, we have paid back the inherited forex backlog of $7 billion, cleared the ways and means debt of over N30 trillion, and reduced the debt service ratio from 97 per cent to 68 per cent," Tinubu explained.

Despite these financial obligations, the President noted that Nigeria's foreign reserves have grown to $37 billion, and the country has continued to meet its debt obligations and other financial commitments.

"Our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes," Tinubu emphasized, underscoring his government’s focus on fostering an enabling environment for both local and foreign investments.

As Nigeria continues to navigate its economic reforms, the ExxonMobil-Seplat divestment is seen as a crucial step in the country’s strategy to revitalize its oil and gas sector, boost production, and improve overall economic performance.