Vice President Kashim Shettima has announced ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, highlighting it as a testament to the government’s economic reforms and investment-friendly policies. This development coincides with the announcement by DP World of plans to establish a multibillion-dollar port project in Nigeria.
Shettima made the 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. Details of the meeting were disclosed by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications.
“This potential investment by ExxonMobil aligns perfectly with President Bola Tinubu’s vision for a more investment-friendly Nigeria,” Shettima stated, emphasizing the administration’s commitment to creating a conducive environment for transformative projects. He outlined the government’s initiatives to improve the ease of doing business, stating that the Renewed Hope Agenda focuses on streamlining bureaucratic processes, enhancing transparency, and providing fiscal incentives for global investors.
The Vice President highlighted recent policy changes, including unifying the exchange rate, removing fuel subsidies, and implementing tax reforms. He acknowledged that while these decisions may pose short-term challenges, they are intended to create a stable and predictable business environment for the long term.
Addressing concerns in the oil and gas sector, Shettima mentioned ongoing efforts to revise the fiscal framework for deep-water operations, aiming to attract investments while ensuring fair returns for Nigerians. He expressed confidence that ExxonMobil’s renewed commitment is a positive indication of progress, stating, “Our doors are open to all investors across various sectors.”
Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s dedication to the Nigerian market. He stated, “Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and eight billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities.”
The centerpiece of ExxonMobil’s strategy is the Owo project, a significant subsea tie-back that could represent the $10 billion investment. Despite plans to divest its onshore assets to Seplat Energy, ExxonMobil intends to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day in the coming years.
In a related development, DP World has unveiled plans for a multibillion-dollar port project in Nigeria, as announced by Group Chairman & CEO Ahmed bin Sulayem during a visit to Shettima. He emphasized that the proposal aligns with President Tinubu’s investment drive and aims to enhance the ease of doing business in Nigeria.
Sulayem noted, “Nigeria is a massive market with underutilized potential. With our supply chain of over 2,500 points of sale to Nigeria, we will bring in the necessary capital, human resources, and materials to achieve this.”
Vice President Shettima welcomed the initiative, asserting that it reflects the administration’s commitment to attracting foreign investments. He assured investors of the government’s full support in facilitating foreign investment and promoting economic growth. Other officials present at the meetings included the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, and the Minister of Youth Development, Dr. Jamila Ibrahim Bio, among others.
