ExxonMobil is reducing its presence in Nigeria, according to findings by BusinessDay.
The oil giant is downsizing its office space and scaling back operations across the country.
According to the report, ExxonMobil has vacated its expansive office in Lagos, opting for a more compact and centralized location.
The company has reportedly relocated staff from the 12-floor Mobil House, leased at $10 million annually, to a six-floor office building in the upscale Ikoyi area, about 22 kilometres away.
The new office is designed to accommodate roughly half the personnel previously housed at the former office.
A company staff member informed Reuters, “The new office leaves no one in doubt about its future plans for Nigeria.”
The exact number of employees affected by the downsizing remains unclear, but it is anticipated that the move will result in job losses and a reduced overall footprint for ExxonMobil in the country.
ExxonMobil has been a key player in Nigeria for over 50 years, significantly contributing to the country’s oil production.
The company’s decision to scale back is likely to have a notable impact on Nigeria’s oil and gas sector and its broader economy.
Industry analysts suggest that ExxonMobil’s decision reflects a broader trend among international oil companies (IOCs) operating in Nigeria.
Facing pressure to reduce costs and streamline operations, many IOCs are shifting towards smaller, more efficient teams.
