Total Exploration and Production Nigeria has announced that for the past five years, it has invested more than $10 billion in Nigeria in the past five years.

According to the company’s CEO, Nicolas Terraz, Total is still strongly dedicated to the developments of its activities in the country and is working ceaselessly to adjust to the current environment.

Nigeria’s economy went into recession on August 31, 2016, when official figures had revealed that Q2’s GDP dropped by 2.06% annually, after falling by 0.4% in Q1. Terraz said that from 1966 to 2015, the company added more than 2.3 billion barrels of crude to Nigeria's production, adding that the country was not only affected by the low oil price but as a large part of its revenue comes from the hydrocarbon sector whose production volume had reduced due to security issues.

“The government is facing revenue shortages. Oil and gas companies, on their part, have to adapt to the present realities,” he said.

Anita Fatunji