Shettima: Tinubu’s reforms boosting investment in oil, gas sector

Vice-President Kashim Shettima has attributed renewed investment and improved performance in Nigeria’s oil and gas sector to the economic reforms of President Bola Tinubu’s administration.

Shettima, who spoke on Friday at the commissioning of the ultramodern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island, Lagos, specifically cited the removal of petroleum subsidy and reforms in the foreign exchange market as measures that had helped address distortions discouraging productive investment.

He said the reforms were restoring business confidence and creating conditions for companies to make long-term investment decisions.

“The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter. A business must be able to plan before it can expand,” Shettima said.

“Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production.”

The Vice-President said the Federal Government would continue to promote policies that reward enterprise, encourage technological advancement and sustain economic growth.

He acknowledged the sacrifices associated with the reforms, adding that the government’s responsibility was to translate economic progress into improved living conditions for Nigerians.

Shettima described the new Northwest Petroleum headquarters as a demonstration of the capacity of indigenous businesses to compete and deliver within the changing global energy landscape.