Vice President Kashim Shettima has expressed enthusiasm for ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, hailing it as a reflection of the administration’s economic reforms and investment-friendly policies. This announcement came alongside plans by international maritime giant DP World to develop a multibillion-dollar port project in Nigeria.
The Vice President made these remarks during a high-level meeting with ExxonMobil executives on the sidelines of the 79th Session of the United Nations General Assembly in New York, USA. Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, shared details of the meeting in a statement titled ‘UNGA79: ExxonMobil Unveils $10bn Deep-Water Investment Plan In Nigeria.’
Shettima noted, “This potential investment by ExxonMobil aligns perfectly with the President Bola Tinubu administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects.” He elaborated on the administration’s initiatives aimed at improving the ease of doing business in Nigeria, emphasizing the Renewed Hope Agenda which focuses on streamlining bureaucratic processes, enhancing transparency, and providing fiscal incentives for global investors.
The Vice President highlighted several recent policy changes, including the unification of the exchange rate, the removal of fuel subsidies, and the implementation of tax reforms. He acknowledged that these decisions may be challenging in the short term but are intended to foster a more stable and predictable business environment for the long term.
Addressing concerns specific to the oil and gas sector, Shettima stated, “We are actively working on revising the fiscal framework for deep-water operations, aiming to balance attracting investments with ensuring fair returns for the Nigerian people.” He expressed optimism about ExxonMobil’s commitment, seeing it as an affirmation that the country is moving in the right direction. “Nigeria is open for business, and the President Tinubu administration is your partner in progress,” he added.
Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reiterated the company’s commitment to Nigeria, stating, “Our commitment to Nigeria remains unwavering. We’re not retreating but refocusing our investments on deep-water opportunities,” as they celebrate 70 years of oil production.
ExxonMobil’s new strategy centers around the Owo project, a significant subsea tie-back that could involve a $10 billion investment. Harris indicated that the company is collaborating with the President’s office and the Special Adviser to the President to secure favorable fiscal arrangements for this significant investment.
In addition to ExxonMobil’s plans, DP World announced intentions to develop a multibillion-dollar port project in Nigeria. Ahmed bin Sulayem, Group Chairman & CEO of DP World, noted during a courtesy visit to Shettima that Nigeria possesses immense market potential that remains largely underutilized. He emphasized, “Nigeria can dominate this sector in Africa, given its substantial asset and resource base.”