The Federal Government has commended Renaissance Africa Energy Company Limited for its recent acquisition and operational takeover of Shell Petroleum Development Company’s onshore assets in Nigeria, describing the move as a milestone for indigenous participation in the country’s energy sector.
This was revealed on Wednesday when a delegation from RAEC paid a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at his office in Abuja.
The delegation, led by RAEC Chairman, Dr. Layi Fatona and the Managing Director/Chief Executive Officer, Engr. Tony Attah, formally briefed the Minister on the company’s recent progress and operational outlook following the landmark acquisition.
Dr. Fatona disclosed that RAEC had increased production to over 200,000 barrels per day since assuming control of the SPDC assets, a development he described as a major milestone for both the company and the Nigerian oil and gas industry.
Attah added that the company remains fully aligned with the Federal Government’s economic objectives, especially in areas of revenue generation, job creation, and upstream expansion.
The long-term dedication of RAEC to responsible energy development and community involvement was reiterated by both leaders.
Minister Edun responded by applauding the indigenous firm’s operational advancements and applauding the increasing presence of Nigerian-owned businesses in key industries.
“The increasing participation of Nigerian-owned companies in key sectors reflects a broader shift toward homegrown solutions and inclusive economic growth,” Edun said.
He also reiterated President Bola Tinubu’s commitment to ensuring a level playing field for all private sector participants.
The Minister stressed the importance of continuous collaboration between government and industry stakeholders in order to deliver long-term value to the nation.
The meeting concluded with a shared commitment to deepening government private sector dialogue and recognition of the critical role indigenous companies like RAEC will play in Nigeria’s energy transition and broader macroeconomic goals.