ExxonMobil plans to invest $10 billion in Nigeria deep-water oil operations.

New York, Sept. 26, 2024 – ExxonMobii, one of the major operators in Nigeria’s oil sector, is to invest $10 billion dollars in the deep-water operations in Nigeria, a development which Vice President Kashim Shettima described as a significant boost to Nigeria’s economic reforms.

The vice president announced the new investment in New York on Wednesday on the sidelines of the 79th Session of the United Nations General Assembly in New York yesterday.

He said the investments is a testament to the administration’s investment-friendly policies.

Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, announced this in a statement.

He quoted the VP as saying: “This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects.”

“The Renewed Hope Agenda places a strong emphasis on ease of doing business.

“We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

“The Renewed Hope Agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms.

“These decisions, while challenging in the short term, are designed to create a more stable and predictable business environment in the long run.”

 “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.”

Earlier, Shane Harris, the Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, had reaffirmed the company’s commitment to investing in Nigeria.

“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.