Nigeria’s Vice President Kashim Shettima has commended ExxonMobil for its proposed $10 billion investment in the country’s deep-water oil operations, emphasizing the positive impact of the Tinubu administration’s economic reforms and investment-friendly policies. Speaking during a high-level meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima affirmed the administration’s commitment to creating a conducive environment for transformative investments.
ExxonMobil’s Deep-Water Project: A Milestone for Nigeria’s Energy Sector
Shettima highlighted that ExxonMobil’s substantial investment aligns with President Bola Tinubu’s vision for an investor-friendly Nigeria. He noted the government’s proactive steps to streamline bureaucratic processes, unify exchange rates, remove fuel subsidies, and implement tax reforms—moves that have strengthened Nigeria’s appeal to global investors.
“The Tinubu administration is focused on ensuring ease of doing business,” Shettima said. “We are committed to fostering a stable and predictable business environment that benefits both investors and the Nigerian people.”
In addressing the specific needs of the oil and gas sector, Shettima stated, “Our administration is revising the fiscal framework for deep-water operations, aiming to strike a balance between attracting investments and ensuring fair returns for the Nigerian populace.”
ExxonMobil’s Investment: A Sign of Growing Confidence
Despite ExxonMobil’s planned divestment of onshore assets to Seplat Energy, the company remains committed to maintaining operations in Nigeria. The oil giant plans to invest $1 billion annually in maintenance operations and inject an additional $1.5 billion to increase oil production by 50,000 barrels per day in the coming years.
Shettima welcomed the renewed investment, stating, “This is just the beginning. Nigeria is open for business, and we are eager to partner with investors across various sectors.”
DP World Announces Multibillion-Dollar Port Project in Nigeria
In another major development, international maritime company DP World announced its intention to develop a multibillion-dollar port project in Nigeria. This announcement followed a courtesy visit by DP World’s Group Chairman and CEO, Sultan Ahmed bin Sulayem, to Vice President Shettima at the UNGA sidelines.
Sulayem expressed optimism about Nigeria’s market potential, stating, “Nigeria is a key player in Africa with vast underutilized resources. Our investment will bring the necessary capital, human resources, and expertise to transform the country’s maritime sector.”
Shettima welcomed the initiative, attributing the investment to President Tinubu’s aggressive drive to attract foreign investments and improve the ease of doing business in Nigeria. “This proposal reflects our administration’s unwavering commitment to creating an investor-friendly environment,” he added.
Nigerian Government Secures $600,000 Relief Fund from Bill and Melinda Gates Foundation
In a related development, the Nigerian government secured a $600,000 relief fund and further commitments from the Bill and Melinda Gates Foundation to support flood victims and bolster health and agricultural sector reforms. During a meeting with the Foundation’s representatives, Shettima emphasized the administration’s dedication to addressing the country’s pressing developmental challenges, particularly in the areas of health and nutrition.
“We are committed to confronting the malnutrition crisis and ensuring food security through industrial agricultural development,” Shettima stated, highlighting the Cassava Accelerator Programme as a key initiative with potential for significant economic growth.
The Foundation also pledged an additional $5 million to support the Lagos Business School and its partners in advancing the agricultural economics of industrial cassava, a sector that holds multibillion-dollar potential for Nigeria.
A Broader Vision for Economic Transformation
Vice President Shettima underscored the administration’s broader vision for economic transformation, stating, “We are pursuing a whole-of-government approach to digitalization and data exchange, which will revolutionize public services and promote transparency.”
The Gates Foundation echoed its support for Nigeria’s developmental goals, expressing confidence in the government’s ability to drive meaningful change, especially in the health and agricultural sectors. The Foundation also highlighted its ongoing efforts to support Nigeria’s polio eradication program and scale drought-tolerant maize production.
Shettima concluded by reaffirming the Tinubu administration’s commitment to fostering a more resilient and diversified economy, encouraging global investors to take advantage of Nigeria’s abundant opportunities. “Our doors remain open to all investors, and the Nigerian government is fully dedicated to ensuring that every investment thrives,” he said.
