During a high-profile meeting with top executives from ExxonMobil, Nigeria’s Vice-President, Kashim Shettima, enthusiastically endorsed the company’s plans for a substantial $10 billion investment in Nigeria’s deep-water oil operations.
This meeting took place on the sidelines of the 79th Session of the United Nations General Assembly, currently being held in New York, United States.
The announcement marks a significant step forward for Nigeria’s energy sector and aligns with the government’s strategic goals for economic growth and development.
Vice-President Shettima highlighted the importance of this massive investment as a reflection of the Bola Tinubu administration’s success in creating an attractive environment for foreign investment.
He stated that the proposed investment not only speaks to the confidence ExxonMobil has in Nigeria’s future but also demonstrates the effectiveness of the economic reforms introduced by the current government.
Shettima remarked, “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.”
These comments underscore the government’s efforts to establish Nigeria as a preferred destination for major global investors, especially in the oil and gas sector.
The Vice-President went further, explaining that the Nigerian government is actively working on revising its fiscal policies related to deep-water oil operations.
This move is part of a broader effort to strike a balance between attracting lucrative foreign investments while ensuring that the Nigerian population benefits fairly from the country’s natural resources.
“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,” he said.
Shettima emphasized that the government’s doors are wide open for investors from all sectors, signaling that ExxonMobil’s investment is just the beginning of more strategic partnerships to come.
He declared, “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.”
On behalf of ExxonMobil, Shane Harris, the managing director of the company’s affiliates in Nigeria, reaffirmed the multinational’s strong commitment to its operations in the country.
Harris reiterated that ExxonMobil remains fully dedicated to investing in Nigeria, particularly in its deep-water oil ventures, as part of the company’s long-term strategic vision.
He acknowledged the fruitful relationship ExxonMobil has had with Nigeria over the years, having produced eight billion barrels of oil during the 70 years it has operated in the country.
Harris noted, “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.”
He went on to explain that the focal point of ExxonMobil’s new investment strategy is the Owo project, a major subsea tie-back initiative that could amount to a $10 billion capital injection. “The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment,” Harris elaborated.
Harris further disclosed that ExxonMobil is collaborating closely with President Tinubu’s office, along with the special adviser to the president, to secure favorable fiscal conditions that would facilitate the execution of such a significant investment.
“We’re working closely with the president’s office and the special adviser to the president to secure favorable fiscal arrangements that will make this significant investment possible,” he added.
This close cooperation between the government and ExxonMobil demonstrates the strong commitment on both sides to seeing this ambitious project come to fruition.
In a related development, DP World, a major player in the global maritime industry, also revealed its plans to make significant investments in Nigeria. The company announced its intentions to develop a multibillion-dollar port project as part of its broader efforts to capitalize on Nigeria’s vast market potential.
This announcement was made during a courtesy visit by DP World’s CEO, Sultan Ahmed bin Sulayem, to Vice-President Shettima, also on the sidelines of the United Nations General Assembly.
The proposed port project is a direct response to President Tinubu’s concerted efforts to attract investment and improve the ease of doing business in Nigeria.
The country’s vast resources, strategic geographical location, and potential for growth in the maritime sector have made it an appealing target for DP World’s expansion plans.
Sultan Ahmed bin Sulayem shared his optimism about the opportunities available in Nigeria, commenting on the country’s potential to become a leader in the African maritime industry. “Nigeria is a massive market with hugely underutilized 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,” Sulayem said.
He emphasized that DP World plans to bring in the necessary capital, manpower, and material resources to ensure the success of this project.
“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,”
Sulayem concluded, highlighting DP World’s commitment to developing world-class port infrastructure in Nigeria. This port development, along with ExxonMobil’s deep-water investment, is expected to significantly boost Nigeria’s economic growth, infrastructure, and global competitiveness.
