Vice President Kashim Shettima has expressed his enthusiastic support for ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, calling it a significant endorsement of the government’s economic reforms and its investment-friendly policies.
This announcement coincides with international maritime company DP World unveiling plans to initiate a multibillion-dollar port project in Nigeria, further highlighting the country’s growing appeal as a hub for significant foreign investments.
Shettima made these remarks during a high-level meeting with ExxonMobil executives and DP World officials on the sidelines of the ongoing 79th session of the United Nations General Assembly in New York, as reported by Stanley Nkwocha, the Senior Special Assistant to the President on Media & Communications.
At the heart of ExxonMobil’s strategy is the Owo project, a major subsea tie-back initiative. This project is expected to represent a $10 billion investment, with plans to allocate $1 billion annually for maintenance operations. Additionally, ExxonMobil aims to invest $1.5 billion to increase production by 50,000 barrels per day in the coming years.
In a related development, the Nigerian government has secured a $600,000 relief fund and commitments from the Bill and Melinda Gates Foundation to support flood relief efforts and enhance reforms in health and agriculture. The foundation has pledged this amount specifically for flood relief in Borno State, along with health sector initiatives. Moreover, a $5 million grant has been approved for the Lagos Business School and its partners to advance the agricultural economics surrounding industrial cassava production.
This donation was made public during a meeting between Vice President Shettima and the Bill and Melinda Gates Foundation, represented by Dr. Christopher Elias, head of the global development program, at the 79th UNGA. Shettima reiterated the commitment of President Bola Tinubu’s administration to prioritize health, nutrition, and agricultural development within the nation’s broader national agenda.
