UNGA79: Nigeria Attracts Fresh $10bn From ExxonMobil
9 months ago 2 min read
Share:
Nigeria has attracted foreign investment commitments totalling over $10bn from ExxonMobil and DP World, as announced during the 79th United Nations General Assembly (UNGA) in New York, United States.
The companies made the commitments at different meetings with Vice President Kashim Shettima on the sidelines of the global event.
According to Shettima’s spokesman, Stanley Nkwocha, ExxonMobil pledged a $10bn investment plan for deep-water oil operations in Nigeria.
Nkwocha said the centrepiece of ExxonMobil’s investment is the Owo project, which is a subsea tie-back initiative.
The presidential aide quoted Shettima as saying at the meeting: “We are actively working on revising the fiscal framework for deep-water operations. Our goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people. The potential ExxonMobil investment is a clear indication that we are moving in the right direction.
“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”
Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s commitment to the Nigerian economy.
“Our commitment to Nigeria remains unwavering. 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.
“We’re working closely with the President’s office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible,” Harris said.
In addition to the Owo project, ExxonMobil plans to inject $1bn annually into maintenance operations and a further $1.5 billion to boost production by 50,000 barrels per day over the coming years.
These come despite the company’s planned divestment of its onshore assets to Seplat Energy.
Complementing ExxonMobil’s investment, DP World, the global ports operator, proposed a multibillion-dollar port project in Nigeria, said Nkwocha.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, expressed optimism about Nigeria’s potential.
Sulayem said, “Nigeria is a massive market with hugely underutilised potentials. The Nigerian market has the capacity to dominate this sector in Africa. It is a major African country with a huge asset and resource base.
“With our supply chain of over 2,500 points of sale to Nigeria, we will bring in the requisite capital, human and material resources needed to achieve this feat.”
