Vice President Kashim Shettima and ExxonMobil executives met at the 79th United Nations General Assembly in New York where the multinational unveiled plans for a $10 billion investment in Nigeria’s deep-water oil operations, underscoring growing confidence in the country’s investment landscape under President Bola Tinubu’s administration.
The Vice President sees the investment as a significant milestone aligned with the administration’s ongoing economic reforms by the Federal Government.
“This investment demonstrates our commitment to fostering a more business-friendly Nigeria,” he said, emphasizing efforts to streamline bureaucratic processes, enhance transparency, and create fiscal incentives to attract global capital.”
ExxonMobil’s Chairman and Managing Director of Nigerian operations, Shane Harris, reaffirmed the company’s long-term commitment, noting that the Owo project, a $10 billion subsea tie-back initiative, would be central to its deep-water strategy.
The company also plans to invest $1 billion annually in maintenance and boost production by 50,000 barrels per day through a $1.5 billion expansion, despite ongoing divestment from onshore assets.
In a parallel development, DP World, the international maritime giant, has proposed a multibillion-dollar port project in Nigeria.
The CEO of DP World, Sultan Ahmed bin Sulayem expressed confidence in Nigeria’s potential to become a dominant player in Africa’s logistics sector.
The initiative is part of a broader effort by President Tinubu to attract foreign investment and improve the ease of doing business.
Both initiatives signal a renewed focus on Nigeria as a key destination for global investment, particularly in energy and infrastructure sectors, with the government pledging continued support to facilitate growth.
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