Vice President Kashim Shettima has lauded ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, calling it a strong endorsement of the administration’s economic reforms and investment-friendly policies.
According to a statement by Mr Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, this development coincides with another significant announcement: international maritime giant DP World’s plans to launch a multibillion-dollar port project in Nigeria.
The Vice President made these remarks on Wednesday during a high-level meeting with ExxonMobil executives, held on the sidelines of the 79th Session of the United Nations General Assembly in New York, United States.
Mr Shettima further highlighted President Bola Tinubu’s administration’s ongoing efforts to enhance the ease of doing business in Nigeria, emphasizing its commitment to creating a favourable investment climate.
“This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu @officialABAT administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects.
“The Renewed Hope Agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”
Mr Shettima emphasised the administration’s recent policy initiatives, pointing out that President Tinubu’s government has made decisive moves, including the unification of the exchange rate, the removal of fuel subsidies, and the introduction of tax reforms.
According to him, these measures are aimed at fostering a more stable and predictable business climate over time.
Addressing the specific concerns of the oil and gas sector, the Vice President continued: “We are actively working on revising the fiscal framework for deep-water operations. Our goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people. The potential ExxonMobil investment is a clear indication that we are moving in the right direction.
“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”
Earlier, Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria reiterated the company’s strong commitment to continued investment in Nigeria.
“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities”, Harris said.
ExxonMobil’s strategic pivot centres around the Owo project, a major subsea tie-back poised to attract an estimated $10 billion in investment.
“We are in active discussions with the President’s office and the Special Adviser to the President to secure favourable fiscal terms that will enable this landmark investment”, Harris stated.
Despite plans to divest its onshore assets to Seplat Energy, ExxonMobil remains committed to injecting $1 billion annually into maintenance efforts, along with an additional $1.5 billion to increase production by 50,000 barrels per day in the coming years.
