An NNPC spokesperson was unable to provide immediate comment. Analysts have said that the Exxon-Seplat deal would inject much-needed capital into Nigeria's oil industry, potentially leading to improved output. It would also signal to investors that similar deals, such as Shell's asset sale to Renaissance in January, are likely to gain regulatory approval. Nigeria, Africa's biggest oil producer, relies on crude oil for more than 90% of its foreign exchange and half its budget. However, output has declined in recent years owing to underinvestment and theft. Oil majors operating in Nigeria, including Shell and TotalEnergies, have been exiting their onshore shallow water operations to focus on deepwater drilling operations. (Reporting by MacDonald Dzirutwe Editing by David Goodman)