Nigeria: Exxonmobil Unveils $10bn Deepwater Investment Plan in Nigeria, Shettima Ecstatic

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

Abuja — Vice President Kashim Shettima has welcomed ExxonMobil's proposed $10 billion investment in Nigeria's deep-water oil operations, describing it as a clear testament to the administration's economic reforms and investment-friendly policies. Shettima stated this during a high-level meeting with ExxonMobil executives on the side-lines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.

Shettima highlighted recent policy changes by the government, saying,"Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. Earlier, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company's commitment to investment in Nigeria.

Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years. "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."

Shettima said,"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." The donations were announced in New York when Shettima held a meeting with the Bill and Melinda Gates Foundation, led by its head of Global Development Programme, Dr Christopher Elias, outside the UNGA meetings.

Shettima pointed out that there was an urgency in securing locations for maize production under the Telemaze programme The president of the Global Development Programme at Gates Foundation said the foundation was worried about the severe flooding in Borno and was"committed to supporting Nigeria in times of crisis".

 

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