ExxonMobil unveils $10bn deep-water investment plan in Nigeria

…as DP World proposes multibillion-dollar port project

By Kunle Sanni

Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, hailing it as a testament to the economic reforms and investor-friendly policies of President Bola Tinubu’s administration.

Speaking during a high-level meeting with ExxonMobil executives on the sidelines of the 79th United Nations General Assembly (UNGA) in New York, Vice President Shettima highlighted the significance of the investment.

Details of the event were contained in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President).

“This potential investment by ExxonMobil aligns perfectly with the Tinubu administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects,” Shettima said.

He further outlined the administration’s efforts to enhance Nigeria’s business landscape, citing the “Renewed Hope Agenda,” which aims to streamline bureaucratic processes, increase transparency, and offer fiscal incentives to attract 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,” Shettima added.

The Vice President also addressed the oil and gas sector, noting that the government is revising the fiscal framework for deep-water operations to strike a balance between attracting investments and ensuring fair returns for the Nigerian people.

ExxonMobil’s Chairman and Managing Director in Nigeria, Shane Harris, reaffirmed the company’s long-term commitment to the country.

He revealed that ExxonMobil’s strategy focuses on the Owo project, a significant subsea tie-back development representing a potential $10 billion investment.

“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,” Harris said.

Despite plans to divest its onshore assets to Seplat Energy, ExxonMobil aims to invest $1 billion annually in maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day in the coming years.

Meanwhile, international maritime giant DP World has announced its intention to develop a multibillion-dollar port project in Nigeria. DP World’s Group Chairman and CEO, Sultan Ahmed bin Sulayem, disclosed the plans during a courtesy visit to Vice President Shettima at the UNGA.

Sulayem praised Nigeria’s market potential, stating, “Nigeria is a massive market with underutilised potential. With our supply chain of over 2,500 points of sale to Nigeria, we will bring the capital, human, and material resources needed to achieve this feat.”

Vice President Shettima welcomed DP World’s proposal, calling it a direct result of President Tinubu’s commitment to attracting foreign investments and improving the ease of doing business. He assured the investors of the government’s full support, adding that Nigeria is undergoing a total economic rejuvenation aimed at fostering a free, fair, and enduring market.

Also present at the meetings were Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite; Minister of Arts, Culture, and Creative Economy, Hannatu Musa Musawa; and Minister of Youth Development, Dr. Jamila Ibrahim Bio, among others.