French energy giant, TotalEnergies, has announced a significant transaction. The company sold a 40 percent stake in its Nigerian offshore exploration licences. Star Deep Water Petroleum Limited, a subsidiary of US major Chevron, acquired the stake.

According to TotalEnergies’ statement, the company will continue to operate these blocks. It will also maintain a 40 percent stake. South Atlantic Petroleum, a long-standing consortium partner, will hold the remaining 20 percent.

This new partnership marks a further step in strengthening TotalEnergies’ global offshore collaboration with Chevron. The companies recently deepened their cooperation through US offshore exploration leases, highlighting their growing alliance.

Nicola Mavilla, TotalEnergies’ Senior Vice-President for Exploration, commented on the deal. He stated that the transaction aligns with Nigeria’s strategic objectives for offshore development. The venture aims at derisking and developing new opportunities within Nigeria’s energy sector.

Nigeria’s Economic Recovery: A Broader Update

Meanwhile, Nigeria’s economic climate shows clear signs of recovery. This is according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. He confirmed the country has entered a more stable phase after two years of sweeping monetary reforms.

Governor Cardoso addressed bankers and financial leaders in Lagos. Speaking at the 60th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, he declared that Nigeria has “turned a decisive corner” in its reform journey.

He highlighted several positive indicators. These include easing inflation, a steadier foreign exchange market, and stronger investor confidence. All point to an economy regaining balance. Cardoso attributed this to the CBN’s embrace of orthodox monetary policy and firmer regulatory oversight, which are correcting long-standing economic distortions.

Inflation, which peaked at 34.6 percent in November 2024, dropped to 16.05 percent by October 2025. Food inflation also retreated to 13.12 percent, after hovering near 22 percent earlier in the year. Cardoso affirmed the CBN will continue adjusting policy instruments. The goal is to guide inflation towards single-digit levels.

A major part of his review focused on developments in the foreign exchange market. Cardoso confirmed the CBN has fully settled the multi-billion-dollar FX backlog. This sum, inherited by the present administration, was previously estimated at over seven billion dollars. Clearing these arrears has since restored confidence among foreign airlines, manufacturers, and portfolio investors.