Shettima Welcomes ExxonMobil’s Bold $10 Billion Investment Boost in Nigeria’s Oil Sector

Shettima Welcomes ExxonMobil’s Bold $10 Billion Investment Boost in Nigeria’s Oil Sector

Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations. This was announced during a high-level meeting with ExxonMobil executives on the sidelines of the 79th United Nations General Assembly in New York.

Shettima hailed the investment as a testament to President Bola Tinubu’s economic reforms and investor-friendly policies.

“This potential investment aligns perfectly with President Tinubu’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects,” Shettima said.

He further explained that the government is revising the fiscal framework for deep-water oil operations, aiming to balance attracting investments with securing fair returns for Nigerians.

“The ExxonMobil investment signals that we’re on the right track,” he added. “Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business.”

Shane Harris, managing director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s commitment.

“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and eight billion barrels produced, we are refocusing our investments on deep-water opportunities,” Harris said.

He highlighted the Owo project, a major subsea development that could represent a $10 billion investment, adding that ExxonMobil is working closely with the government to secure favourable fiscal arrangements.

In a related development, DP World, a global maritime giant, revealed plans to develop a multibillion-dollar port project in Nigeria.

Sultan Ahmed bin Sulayem, CEO of DP World, made this known during a courtesy visit to Shettima at the UNGA. He praised Nigeria’s untapped potential and expressed confidence in the country’s capacity to dominate the African maritime sector.

“With over 2,500 points of sale to Nigeria, we will bring the necessary capital, human, and material resources to achieve this,” Sulayem said.

Both investments reflect the growing international interest in Nigeria’s economic opportunities, driven by the government’s ongoing reforms.