Vice President Kashim Shettima has applauded ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, citing it as evidence of the administration’s successful economic reforms and investor-friendly environment. This announcement was made during a high-level meeting with ExxonMobil executives on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in New York.
The investment is centered around ExxonMobil’s Owo project, a significant subsea development, which aims to boost oil production by 50,000 barrels per day over the next few years. Additionally, the company is planning to invest $1 billion annually for maintenance operations and an extra $1.5 billion to increase production.
In another positive development, DP World, a leading international maritime company, has also revealed plans to embark on a multibillion-dollar port project in Nigeria, further highlighting the country’s growing attractiveness to global investors.
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Furthermore, the Nigerian government secured a $600,000 relief fund from the Bill and Melinda Gates Foundation for flood victims in Borno State and committed support for health and agriculture reforms. The foundation also approved an additional $5 million grant for the Lagos Business School to advance industrial cassava farming and agricultural economics.
Vice President Shettima emphasized the government’s dedication to prioritizing health, nutrition, and agricultural development as part of its national agenda.
