American multinational oil and gas corporation, ExxonMobil, has proposed a $10 billion investment in Nigeria’s deep-water oil operations.
The Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, also 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 centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a 10 billion dollars 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.
In response, Vice-President Kashim Shettima welcomed the proposed investment.
This is contained in a statement issued by the VP’s spokesperson, Stanley Nkwocha, on Thursday.
Shettima made the remark during a high-level meeting with ExxonMobil executives.
The News Agency of Nigeria (NAN) reports that the meeting held on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.
Shettima said the proposed $10bn investment in Nigeria’s deep-water oil operations by the ExxonMobil was as 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.
Shettima elaborated on the President Tinubu administration’s efforts in ensuring ease of doing business in Nigeria.
”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.
”Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These decisions, while challenging in the short term, are designed to create a more stable and predictable business environment in the long run,” he added.
Shettima revealed that Tinubu’s administration was 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.
Similarly, the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.
Sultan Ahmed bin Sulayem, Group Chairman & Chief Executive Officer of DP World, revealed the company’s intentions during a courtesy visit to Vice-President Shettima on the sidelines of the ongoing UNGA.
The proposal comes as a direct response to President Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.
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.”
He lexpressed confidence in the Nigerian economy, citing the country’s vast import and export market as a key factor in their decision to invest.
Welcoming the initiative, Shettima said the “proposal is a testament to President Tinubu’s avowed commitment to attracting foreign investments” to Nigeria.
He emphasised the administration’s ongoing efforts to create a more investor-friendly environment.
According to him, Nigeria is open to investors from around the world.
” We are witnessing a total rejuvenation in terms of economic policies aimed at freeing up the economy and making way for a free, fair, and enduring market.”
Shettima assured the investors of the government’s full support and the administration’s dedication to facilitating foreign investment and economic growth. (NAN)
