After a dialogue with top executives from ExxonMobil, Vice-President Kashim Shettima expressed enthusiasm for the company’s ambitious $10 billion investment proposal aimed at Nigeria’s deep-water oil sector. This meeting took place during the ongoing 79th Session of the United Nations General Assembly in New York City.
Mr. Shettima emphasized that ExxonMobil’s investment initiative reflects the Nigerian administration’s commitment to economic reform and the establishment of a pro-investment climate. He stated, “This prospective investment is a testament to President Bola Tinubu’s vision of fostering a more investment-friendly Nigeria. We are dedicated to cultivating an environment conducive to transformative projects.”
The Vice-President elaborated that the Tinubu administration is currently revising the fiscal policies governing deep-water operations. “We aim to balance attracting investments with ensuring that the Nigerian populace receives fair returns. The prospective investment from ExxonMobil signals that we are heading in the right direction.”
He welcomed ExxonMobil’s renewed focus, stating, “This is merely the starting point. We are open to all investors across various industries. The message is clear: Nigeria is ready for business, and the Tinubu administration stands as your ally in progress.”
Shane Harris, Managing Director of ExxonMobil Affiliates in Nigeria, reiterated the company’s dedication to the Nigerian market. He remarked, “Our commitment is steadfast. As we mark 70 years of oil production, having extracted eight billion barrels, we are not withdrawing; instead, we’re intensifying our focus on deep-water opportunities.”
Harris highlighted the Owo project as the centerpiece of ExxonMobil’s new strategy, describing it as a significant subsea tie-back that could potentially draw in a $10 billion investment. “We are collaborating closely with the president’s office and the special adviser to the president to establish favorable fiscal conditions that will facilitate this major investment,” he added.
In addition, international maritime leader DP World announced plans to launch a multibillion-dollar port development project in Nigeria. Sultan Ahmed bin Sulayem, CEO of DP World, shared these intentions during a visit to Mr. Shettima at the UNGA.
This initiative aligns with President Tinubu’s drive for investment and efforts to enhance the business climate in the country. Mr. Sulayem stated, “Nigeria presents a vast market with immense untapped potential. It is a key player in Africa with a rich asset and resource base.”
He further noted, “With our extensive supply chain of over 2,500 points of sale to Nigeria, we are prepared to bring in the necessary capital, human resources, and materials to realize this ambitious project.”
