Vice President Kashim Shettima has warmly welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, hailing it as a significant endorsement of the administration’s economic reforms and investor-friendly policies.
The announcement came as the international maritime giant, DP World, revealed plans for a multibillion-dollar port project in Nigeria.
During a high-level meeting with ExxonMobil executives on the sidelines of the 79th UN General Assembly in New York, Shettima emphasized that the investment aligns perfectly with President Bola Tinubu’s vision for a more investment-friendly Nigeria. He highlighted the administration’s efforts to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives to attract global investors.
ExxonMobil’s Chairman and Managing Director in Nigeria, Shane Harris, reaffirmed the company’s commitment to the country, noting that the $10 billion Owo project is a substantial subsea tie-back that could significantly boost Nigeria’s oil production.
In addition to the deep-water investment, ExxonMobil plans to inject $1 billion annually into maintenance operations and an additional $1.5 billion to increase production by 50,000 barrels per day over the next few years.
Meanwhile, DP World’s Group Chairman & CEO, Ahmed bin Sulayem, expressed interest in developing a multibillion-dollar port project in Nigeria, citing the country’s vast import and export market. Vice President Shettima welcomed the proposal, emphasizing the administration’s ongoing efforts to create a more investor-friendly environment.
