Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, calling it a strong endorsement of the administration’s economic reforms and investment-friendly policies.
This announcement coincides with international maritime giant DP World revealing plans to develop a multibillion-dollar port project in Nigeria.
According to Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, the Vice President 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.
Central to ExxonMobil’s new strategy is the Owo project, a significant subsea tie-back that could account for a $10 billion investment.
The company aims to allocate $1 billion annually for maintenance operations and an additional $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 for assistance to flood victims and for reforms in the health and agricultural sectors.
The foundation has pledged $600,000 for flood relief in Borno State and other health sector initiatives, along with an additional $5 million grant for the Lagos Business School and its partners to enhance the agricultural economics of industrial cassava.
This donation was announced during a meeting between Vice President Shettima and the Bill and Melinda Gates Foundation, led by Dr. Christopher Elias, head of the global development program, on the sidelines of the 79th UNGA.
Shettima reiterated President Bola Tinubu’s administration’s commitment to prioritizing health, nutrition, and agricultural development on the nation’s agenda.