ExxonMobil’s $10bn Nigeria deep-water investment plan excites Shettima

Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10bn investment in Nigeria’s deep-water oil operations, describing it as a testament to the administration’s economic reforms and investment-friendly policies.

The Vice President spoke on Wednesday during a high-level meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.

Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed the details of the meeting in a statement he signed Thursday titled ‘UNGA79: ExxonMobil Unveils $10bn Deep-Water Investment Plan In Nigeria.’

At the meeting, VP Shettima said, “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 explained President Tinubu administration’s efforts in ensuring ease of doing business in

Nigeria saying, “The Renewed Hope Agenda places a strong emphasis on ease of doing business.

“We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

Addressing the specific concerns of the oil and gas sector, the Vice President continued: “We are 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.”

Earlier, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, said, “Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities”.