ExxonMobil and DP World Unveil Major Investment Plans in Nigeria Amid Economic Reforms
Vice President Shettima hails $10bn deep-water oil project and multibillion-dollar port development as signs of Nigeria’s investment-friendly policies.
Nigeria is set to receive a significant boost to its economy with ExxonMobil’s proposed $10bn investment in deep-water oil operations and a multibillion-dollar port project by global logistics giant DP World. The announcements were made during high-level meetings on the sidelines of the 79th United Nations General Assembly in New York, where Vice President KashimShettima welcomed the investments as evidence of the country’s renewed focus on economic reforms and attracting foreign capital.
Speaking after a meeting with ExxonMobil executives, Shettimadescribed the oil giant’s investment as a “testament to the President Bola Tinubu administration’s vision for a more investment-friendly Nigeria.” He emphasised that the government’s reforms, which include unifying the exchange rate, removing fuel subsidies, and overhauling the tax system, were designed to create a stable and attractive business environment.
“Our commitment is to ease doing business and ensure Nigeria becomes a prime destination for global investors,” Shettimasaid. He added that the administration is revising the fiscal framework for deep-water oil operations to strike a balance between attracting investment and securing fair returns for Nigeria.
The centrepiece of ExxonMobil’s plan is the Owo project, a substantial subsea development that could represent a $10bn investment. Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s long-standing commitment, saying, “We’re not retreating but refocusing our investments on deep-water opportunities.”
Meanwhile, DP World, a major player in global trade, announced plans to develop a new port in Nigeria. Group Chairman and CEO, Ahmed bin Sulayem, expressed confidence in Nigeria’s potential to dominate Africa’s maritime sector, praising the government’s efforts to attract foreign investment. “Nigeria is a massive market with hugely underutilisedpotentials,” Sulayem noted.
Vice President Shettima welcomed both initiatives, calling them “clear indicators” of Nigeria’s economic rejuvenation. He assured investors that the government is fully committed to supporting projects that will drive growth and create jobs, declaring, “Nigeria is open for business.”
As Nigeria continues to push for economic diversification and development, these investments signal a renewed global confidence in the country’s economic future.
