Vice President Kashim Shettima has hailed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil sector as a testament to President Bola Ahmed Tinubu’s economic reforms. Speaking at the 79th session of the United Nations General Assembly in New York, Shettima emphasized the administration’s commitment to creating a more investment-friendly environment through policies that ease business operations and attract global investors.
Shettima highlighted the administration’s bold reforms, including unifying the exchange rate, removing fuel subsidies, and tax reforms. These steps, though challenging in the short term, are designed to ensure long-term economic stability and predictability, which appeal to foreign investors like ExxonMobil.
ExxonMobil’s commitment to Nigeria, according to its Managing Director Shane Harris, remains strong despite the divestment of its onshore assets. Harris outlined the company’s strategy, which includes the Owo subsea tie-back project, a $10 billion venture in deep-water oil, alongside $1 billion annual investments into maintenance and a targeted production increase of 50,000 barrels per day.
Meanwhile, DP World, the international maritime giant, also expressed its interest in Nigeria, proposing a multibillion-dollar port project. Sultan Ahmed bin Sulayem, CEO of DP World, noted the immense potential in Nigeria’s import-export market, emphasizing the country’s capacity to dominate Africa’s maritime industry.
Both investments signal the success of President Tinubu’s aggressive investment drive, reinforcing Nigeria’s position as a leading investment destination in Africa.
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