Increase in participation of Nigerianowned companies in key sectors of the economy is a reflection of a broader shift toward homegrown solutions and inclusive economic growth, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said.

Edun, while receiving a delegation from Renaissance Africa Energy Company Limited (RAEC) on a courtesy visit on Tuesday, reiterated President Bola Tinubu’s commitment to fostering a level playing field for all private sector actors.

He emphasized on the importance of sustained collaboration between government and industry to deliver long-term value to the nation. The courtesy visit is part of ongoing engagement with strategic indigenous players in Nigeria’s energy sector.

The delegation was led by Dr. Layi Fatona, Chairman of RAEC, alongside Engr. Tony Attah, the company’s Managing Director and Chief Executive Officer was to formally brief the Minister on RAEC’s recent acquisition and operational takeover of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria.

During the meeting, the RAEC leadership shared key updates, highlighting that since assuming control of the assets, the company has ramped up production to over 200,000 barrels per day—a major milestone for both RAEC and the broader Nigerian oil and gas industry.

Dr. Fatona and Engr. Attah reaffirmed RAEC’s full alignment with the Federal Government’s economic priorities, particularly in revenue generation, job creation, and upstream expansion. They reiterated their long-term commitment to community engagement and responsible energy development.

A statement issued by Director of Information in the ministry, Mohammed Manga, said the meeting concluded with a shared understanding of the vital role indigenous firms like RAEC will play in Nigeria’s energy transition and macroeconomic advancement.