Shettima welcomes ExxonMobil’s $10 billion investment in Nigeria

During a high-level meeting with ExxonMobil executives, Vice-President Kashim Shettima welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations.

The meeting was on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.

Mr Shettima said ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations was a clear testament to the administration’s economic reforms and investment-friendly policies.

“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 declared.

According to Mr Shettima, President Bola Tinubu’s administration is 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,” he said.

The managing director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company’s commitment to investing in Nigeria.

“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 centrepiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.

“We’re working closely with the president’s office and the special adviser to the president to secure favourable fiscal arrangements that will make this significant investment possible,” he said.

Similarly, the international maritime giant DP World announced plans to develop a multibillion-dollar port project in Nigeria.

Sultan Ahmed bin Sulayem, DP World’s CEO, revealed the company’s intentions during a courtesy visit to Mr Shettima on the sidelines of the ongoing UNGA.

The proposal comes as a direct response to Mr Tinubu’s investment drive and efforts to improve the ease of doing business in the country.

Mr Sulayem said, “Nigeria is a massive market with hugely underutilised potentials. The Nigerian market has the capacity to dominate this sector in Africa. It is a major African country with a huge asset and resource base.

“With our supply chain of over 2,500 points of sale to Nigeria, we will bring in the requisite capital, human and material resources needed to achieve this feat.”