Vice President Kashim Shettima has praised ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil sector, calling it a strong endorsement of the Tinubu administration’s economic reforms and pro-investment policies. The announcement comes alongside plans by global maritime leader DP World to develop a multibillion-dollar port project in the country.
The Vice President made these remarks during a high-level meeting with executives from ExxonMobil and officials of DP World, held on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in New York. According to Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Shettima emphasized the importance of these investments as indicators of Nigeria’s growing appeal to global investors.
ExxonMobil’s planned investment revolves around the Owo project, a major subsea tie-back initiative. The project, estimated to be worth $10 billion, will involve $1 billion annually for maintenance operations and an additional $1.5 billion to increase production by 50,000 barrels per day over the coming years.
In a related development, Nigeria has secured a $600,000 relief fund from the Bill and Melinda Gates Foundation to aid flood victims in Borno State and support health and agricultural reforms. The foundation also committed an additional $5 million grant to the Lagos Business School and its partners to enhance the industrial cassava sector’s agricultural economics.
The announcements were made following Vice President Shettima’s meeting with Dr. Christopher Elias, head of the Gates Foundation’s global development program, during the 79th UNGA. Shettima reiterated the Nigerian government’s commitment to prioritizing health, nutrition, and agricultural development under President Bola Tinubu’s administration.
