Vice President Kashim Shettima has welcomed ExxonMobil’s announcement of a $10 billion investment in Nigeria’s deep-water oil sector, emphasizing the alignment of this investment with the administration’s economic reforms. Speaking on the sidelines of the 79th United Nations General Assembly in New York, Shettima described the project as a testament to the government’s commitment to fostering an investor-friendly environment.
“The Tinubu administration is focused on creating the right conditions for transformative projects like this. Our Renewed Hope Agenda is centered on making Nigeria a global investment hub by simplifying bureaucratic processes and offering fiscal incentives,” Shettima stated. He highlighted key policy changes, including unifying exchange rates, removing fuel subsidies, and implementing tax reforms, aimed at providing long-term stability.
ExxonMobil’s Chairman in Nigeria, Shane Harris, reaffirmed the company’s commitment to the country, outlining plans to inject $1 billion annually into maintenance and increase production by 50,000 barrels per day. The $10 billion Owo deep-water project, he said, is a key part of ExxonMobil’s strategy, reflecting continued confidence in Nigeria’s oil sector.
Meanwhile, DP World has revealed plans to develop a multibillion-dollar port project in Nigeria, as part of President Tinubu’s drive to attract foreign investments. Sultan Ahmed bin Sulayem, CEO of DP World, underscored Nigeria’s potential to become a dominant player in Africa’s port sector, stating that the country’s vast market makes it an ideal location for this ambitious initiative.
Reporter: Samuel Adeleke, ADBN News.
