Vice President Kashim Shettima has expressed strong support for ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, viewing it as a testament to the country’s economic reforms and investment-friendly policies.
This announcement coincided with DP World’s plans for a multibillion-dollar port project in Nigeria, further highlighting the nation’s attractiveness for global investors.
During a high-level meeting with ExxonMobil executives at the 79th Session of the United Nations General Assembly in New York, Shettima emphasized the Nigerian government’s commitment to creating an enabling environment for transformative projects. “This potential investment aligns perfectly with President Bola Ahmed Tinubu’s vision for a more investment-friendly Nigeria,” he stated.
Shettima outlined the administration’s comprehensive reforms aimed at improving the ease of doing business, including unifying the exchange rate, removing fuel subsidies, and implementing tax reforms. He acknowledged that while these measures may pose short-term challenges, they are designed to foster a stable and predictable business environment in the long run.
Highlighting the oil and gas sector, he mentioned ongoing efforts to revise the fiscal framework for deep-water operations, aiming to attract investments while ensuring fair returns for Nigerians. “The potential ExxonMobil investment is a clear indication that we are moving in the right direction,” he added.
Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s commitment to the country. He noted that the centerpiece of ExxonMobil’s strategy is the Owo project, a significant subsea tie-back that could drive the $10 billion investment.
Harris also emphasized ongoing plans to inject $1 billion annually into maintenance operations while boosting production by 50,000 barrels per day.
In a related development, Sultan Ahmed bin Sulayem, Group Chairman & CEO of DP World, announced intentions to develop a major port project in Nigeria. He praised Nigeria as a massive market with untapped potential, affirming the company’s commitment to bringing in capital and resources to achieve significant growth in the region.
Vice President Shettima welcomed DP World’s proposal, reiterating the administration’s dedication to attracting foreign investments and creating a conducive environment for economic growth. He assured investors of the government’s full support, emphasizing that Nigeria is ready to engage with global investors.
Present at the meetings were various ministers, including the Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, and the Minister of Youth Development, Dr. Jamila Ibrahim Bio, highlighting the broad government support for these initiatives.
