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IBTimes NG

Vice President Kashim Shettima welcomed ExxonMobil's plan to invest $10 billion in Nigeria's deep-water oil operations, noting that this will encourage investment through the government's economic reforms and policies.

The announcement was made during a high-level meeting with ExxonMobil executives at the 79th Session of the United Nations General Assembly in New York. In addition, international maritime company DP World also revealed plans to develop a multibillion-dollar port project in Nigeria.

"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," the vice president said, as per the official X (formerly known as Twitter) handle.

During the meeting, the vice president highlighted the efforts of President Bola Tinubu's administration to improve the ease of doing business in Nigeria.

He mentioned that the federal government's Renewed Hope Agenda for youth development also focuses on simplifying business processes. The government had introduced the reforms to reduce bureaucracy, increase transparency and offer financial incentives to attract global investors to Nigeria.

Shettima also pointed out recent policy changes made by the administration, including unifying the exchange rate, removing fuel subsidies, and implementing tax reforms. He noted that while these decisions were challenging in the short term, they were intended to create a more stable and predictable business environment in the future.

The vice president highlighted the specific concerns of the oil and gas sector, noting that the administration was working on updating the fiscal rules for deep-water operations. He noted that the government aimed to attract investments, while also ensuring fair returns for the Nigerian people.

He stated that the potential investment from ExxonMobil showed they were heading in the right direction, noting that welcoming the company's renewed commitment was just the beginning.

Chairman and Managing Director of ExxonMobil Affiliates in Nigeria Shane Harris reaffirmed the company's commitment to investing in Nigeria, saying, "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."

Sultan Ahmed bin Sulayem, Group Chairman & CEO of DP World highlighted that Nigeria was a massive market with hugely underutilized potential, adding that the Nigerian market can dominate this sector across Africa.