UNGA79: FG Welcomes ExxonMobil’s $10bn Deep-Water Investment Plan in Nigeria
ExxonMobil’s Deep-Water Investment Sparks Optimism in Nigerian Economy
At the 79th United Nations General Assembly (UNGA), the Federal Government of Nigeria celebrated ExxonMobil’s plan to invest $10 billion in deep-water oil operations in the country. Vice President Kashim Shettima conveyed Nigeria’s appreciation for this investment, recognizing it as a strong indicator of the current administration’s economic reforms and its investor-friendly policies. The significant investment plan was announced during a meeting between the Vice President and ExxonMobil executives in New York.
ExxonMobil’s initiative marks a pivotal moment in Nigeria’s efforts to attract more foreign direct investment, a move that could stimulate economic growth, enhance job creation, and boost the oil and gas sector in the country.
DP World Proposes Multibillion-Dollar Port Development in Nigeria
Adding to the positive investment climate, DP World, a global leader in maritime operations, revealed plans to establish a multibillion-dollar port in Nigeria. The maritime giant’s interest aligns with Nigeria’s ongoing efforts to enhance its logistics infrastructure and trade capabilities.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), confirmed the DP World proposal, underscoring its potential impact on Nigeria’s trade and maritime sectors.
Sultan Ahmed bin Sulayem, Group Chairman & CEO of DP World, noted that Nigeria’s large, untapped market makes it a strategic location for maritime development. With a robust import-export sector, Nigeria could leverage this project to solidify its position as a key player in African trade.
Vice President Shettima Champions Investment-Friendly Environment
In his meeting with ExxonMobil executives, Vice President Kashim Shettima emphasized that President Bola Tinubu’s administration is focused on creating a conducive environment for both local and foreign investments.
Shettima stated, “This potential investment by ExxonMobil aligns perfectly with President Bola Tinubu’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects.”
The Vice President highlighted the importance of reforms initiated under the “Renewed Hope Agenda,” which prioritizes ease of doing business. These reforms aim to remove bureaucratic bottlenecks and enhance the overall transparency of the investment process.
Key Economic Reforms: Exchange Rate Unification and Subsidy Removal
The current administration has implemented bold economic reforms, including the unification of the exchange rate, removal of fuel subsidies, and tax reforms. These policy shifts are designed to stabilize Nigeria’s economic landscape, ensuring long-term predictability and fostering investor confidence.
While acknowledging that some of these decisions may be challenging in the short term, Vice President Shettima expressed confidence that they would lead to a more stable business environment, encouraging global investors like ExxonMobil and DP World to continue seeing Nigeria as a prime investment destination.
A Revised Fiscal Framework for Oil & Gas Sector
Focusing on the oil and gas sector, Vice President Shettima addressed the need for a revised fiscal framework for deep-water operations. The government is working to strike a balance between attracting foreign investments and ensuring that the Nigerian public benefits from its vast natural resources.
Shettima stressed that the $10 billion ExxonMobil investment is a clear indication that Nigeria’s economic policies are moving in the right direction. The administration’s efforts are focused on ensuring that future deals reflect fairness to both the investors and the Nigerian populace.
ExxonMobil Reaffirms Commitment to Nigeria with Owo Project
Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s long-term commitment to the country. Celebrating 70 years of oil production and over 8 billion barrels produced, Harris noted that ExxonMobil is now refocusing its investments on deep-water opportunities, with the Owo project being a centerpiece of this strategy.
The Owo subsea tie-back project, worth $10 billion, is set to significantly boost Nigeria’s deep-water oil production capabilities. Harris further revealed ExxonMobil’s commitment to injecting $1 billion annually into maintenance operations and an additional $1.5 billion to increase oil production by 50,000 barrels per day.
Nigeria is Open for Business: A Welcome to All Investors
Vice President Shettima used the opportunity to invite more international investors across various sectors, declaring that Nigeria is “open for business.” The administration’s investment-friendly reforms, coupled with the ongoing economic rejuvenation, are designed to attract a broader range of foreign direct investments.
Shettima emphasized that ExxonMobil’s renewed commitment marks the beginning of many more opportunities for collaboration between Nigeria and international businesses.
DP World’s Optimism in Nigeria’s Market Potential
Sultan Ahmed bin Sulayem of DP World expressed his optimism about Nigeria’s economic potential, citing the country’s strong import and export market as a key driver for the proposed multibillion-dollar port project. The company is confident that its capital and resources will contribute to Nigeria’s transformation into a major African trade hub.
Vice President Shettima warmly welcomed DP World’s proposal, viewing it as a validation of the Tinubu administration’s efforts to attract more foreign investment.
Social Media Reactions
- Segun Okechukwu (Twitter): “ExxonMobil’s $10bn investment in deep-water oil shows Nigeria’s potential. Tinubu’s economic reforms are paying off! #NigeriaInvestment #OilAndGas”
- Chimamanda Udeh (LinkedIn): “DP World and ExxonMobil investing in Nigeria is a positive sign! Looks like Tinubu’s policies are creating real change. #FDI #NigeriaGrowth”
- James Murphy (Facebook – USA): “Nigeria landing a $10bn oil investment and a new port project? That’s serious economic progress. #InvestmentOpportunities #AfricaRising”
- Emeka Obasi (Instagram): “Proud to see Nigeria attracting global giants like ExxonMobil and DP World! A step in the right direction for our economy. #NigerianEconomy #ForeignInvestments”
- David Gray (Twitter – UK): “ExxonMobil’s $10bn deep-water investment is huge for Nigeria! This could be a game changer for the oil industry. #GlobalEnergy #NigeriaInvestment”
- Grace Hassan (WhatsApp): “Finally, the reforms are paying off! ExxonMobil and DP World bringing billions to Nigeria? Incredible! #EconomicProgress #Nigeria”
- Amaka Umeh (Telegram): “Nigeria is open for business! Great to see ExxonMobil’s $10bn investment taking shape. #NigeriaOpenForBusiness #GlobalInvestments””
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