ExxonMobil has announced plans to invest $10 billion in Nigeria’s deep-water oil operations.
Shane Harris, chairman and managing director of ExxonMobil Affiliates in Nigeria, spoke on Wednesday during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.
In a statement by Stanley Nkwocha, senior special assistant to the president on media and communications, Harris reaffirmed the company’s commitment to investing in Nigeria.
“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities,” he said.
Harris said the company is working closely with President Bola Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.
“The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment,” he said.
“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.”
Shettima described the investment as a testament to the administration’s economic reforms and investment-friendly policies.
“This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria,” Shettima said.
“We are committed to creating an enabling environment for such transformative projects.
“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.”
Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidy and implementing tax reforms.
The decisions, he said, are designed to create a stable and predictable business environment despite their short-term challenges.
Regarding the oil and gas sector, the vice-president said the government is actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.
“The potential ExxonMobil investment is a clear indication that we are moving in the right direction,” he said.
“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.”
Meanwhile, DP World, an international maritime giant, has announced plans to develop a multibillion-dollar port project in Nigeria.
Sultan Ahmed bin Sulayem, group chairman and chief executive officer (CEO) of DP World, announced the company’s intentions during a courtesy visit to Shettima on the sidelines of the ongoing UNGA in New York.
He said the proposal comes as a direct response to Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.
“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,” Sulayem said.
“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.”
Sulayem expressed 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, the vice-president said the proposal is a testament to Tinubu’s avowed commitment to attracting foreign investments to Nigeria.
He emphasised the administration’s ongoing efforts to create a more investor-friendly environment.
“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 said.
He assured the investors of the government’s full support and the administration’s dedication to facilitating foreign investment and economic growth.
Others present at the meetings included Doris Uzoka-Anite, minister of industry, trade, and investment; Hannatu Musa Musawa, minister of arts, culture, and creative economy; and Jamila Ibrahim Bio, minister of youth development, among many others.
