.
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.
This is coming just as the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.
Shettima stated this during a high-level meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.
According to him: “This potential investment by ExxonMobil aligns perfectly with the President Bola Tinubu administration’s vision for a more investment-friendly Nigeria.
“We are committed to creating an enabling environment for such transformative projects,” he declared.
The Vice President elaborated on the President Tinubu administration’s efforts in ensuring ease of doing business in Nigeria.
He said, “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 recent policy changes by the administration, saying, “Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms.
“These decisions, while challenging in the short term, are designed to create a more stable and predictable business environment in the long run,” he added.
Addressing the specific concerns of the oil and gas sector, the Vice President said: “We are actively working on revising the fiscal framework for deep-water operations. Our goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people. The potential ExxonMobil investment is a clear indication that we are moving in the right direction.
“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.”
Earlier, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane 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,” Harris said.
The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.
“We’re working closely with the President’s office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible,” Harris explained.
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.
Meanwhile, the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.
Sultan Ahmed bin Sulayem, Group Chairman & CEO of DP World, revealed the company’s intentions during a courtesy visit to Shettima on the sidelines of the ongoing United Nations General Assembly in New York.
The proposal comes as a direct response to President Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.
His word: “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.
“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.”
The DP World chief 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 President Tinubu’s avowed commitment to attracting foreign investments” to Nigeria.
He emphasised the administration’s ongoing efforts to create a more investor-friendly environment.
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 Vice President reassured the investors of the government’s full support and the administration’s dedication to facilitating foreign investment and economic growth.
Also, to hasten relief efforts for victims of the devastating floods, as well as for health and agricultural sectors’ reforms, the Nigerian government has secured a $600,000 relief fund and commitments from the Bill and Melinda Gates Foundation.
Specifically, the Foundation pledged the $600,000 for flood relief in Borno State and other health sector initiatives, with an additional $5 million grant approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.
The donation was announced when Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation led by its head of Global Development Programme, Dr Christopher Elias, on the sidelines of the 79th United Nations General Assembly in New York.
Shettima, reaffirmed the commitment of the administration of President Bola Tinubu to placing health, nutrition, and agricultural development at the forefront of nation’s national agenda.
“We are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis,” the Vice President stated.
He emphasised the Nigerian government’s dedication to integrity and effective leadership in tackling these issues, pointing out that there is an urgency in securing locations for maize production under the Telemaze programme Promising swift action on import permits for certified seeds, Shettima said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.
“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.
The Vice President further expressed firm belief that “with the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”
On his part, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is deeply worried about the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”
The Foundation also pledged support for Nigeria’s health sector reforms, particularly in the fight against polio.
“We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Elias noted.
Also speaking, President of Global Growth & Opportunity Division at the Bill & Melinda, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme.
He disclosed that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.
“Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees explained.
He requested import permits for 5,000 metric tons of certified maize seed to build a foundation seed system in the country.
Also, Director of the Nigeria Country Office at the Gates Foundation, Uche Amaonwu, expressed appreciation for the ongoing partnership, particularly highlighting a $60 million investment in sector-wide programmes and collaborations on reproductive health issues.
Meanwhile, President / CE0 of the Dangote Group, Alhaji Aliko Dangote also paid a courtesy call on Shettima. Dangote is also the co-chair of the Bill and Melinda Gates Foundation.
Deji Elumoye
Follow us on:
Prince William visits South Africa for Earthshot Prize, aiming to spotlight climate innovation and support…
Mahamat Idriss Deby
A Federal High Court in Abuja has ordered the arrest of Dana Air MD Hathiramani…
A High-ranking Equatorial Guinean official is facing a major sex scandal with 400 explicit sex…
Tinubu Orders Immediate Release Of All Minors Arrested In Connection To #EndBadGovernance Protest President Tinubu…
The Court of Appeal has discharged former CJN Walter Onnoghen, overturning his 2019 asset declaration…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp O8I__3211__5O39.
RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
O8I__3211__5O39
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT Bags of cement #3,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER O8I__3211__5O39 THANKS FOR PATRONIZING WITH US.!!!〽.〽.〽.〽.〽.〽.〽.〽.〽.