ExxonMobil Plans $10 Billion Investment in Nigeria

Vice President Kashim Shettima announced ExxonMobil's proposed $10 billion investment in Nigeria's deep-water oil operations, highlighting it as a testament to the Tinubu administration's economic reforms and commitment to creating an investment-friendly environment. This announcement was made during a high-level meeting with ExxonMobil executives at the 79th United Nations General Assembly in New York. Shettima emphasized that the investment aligns with the administration's vision for Nigeria and reflects ongoing efforts to streamline bureaucratic processes and enhance fiscal incentives. ExxonMobil's commitment is part of a broader strategy to focus on deep-water opportunities, including the Owo subsea project, while maintaining a significant annual investment in maintenance and production. The Vice President noted that recent reforms, such as unifying the exchange rate and removing fuel subsidies, aim to foster a more stable business climate. Shettima expressed optimism about attracting further investments and ensuring fair returns for Nigerians.