Nigeria has attracted over $10 billion in foreign investment commitments from ExxonMobil and DP World during the 79th United Nations General Assembly (UNGA) in New York.
The investment pledges were made during meetings between the companies and Vice President Kashim Shettima on the sidelines of the event. According to Shettima’s spokesperson, Stanley Nkwocha, ExxonMobil committed $10 billion to deep-water oil operations in Nigeria, with a focus on the Owo subsea tie-back project.
Shettima emphasized the government’s dedication to revising fiscal policies for deep-water ventures, ensuring both investment attractiveness and fair returns for Nigerians. “ExxonMobil’s commitment shows we are on the right track. Our doors are open to investors across sectors,” he noted.
Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, reaffirmed the company’s unwavering support for the Nigerian economy. “After 70 years and 8 billion barrels produced, we’re refocusing on deep-water investments,” Harris said. He also announced plans for $1 billion in annual maintenance operations and an additional $1.5 billion to increase production by 50,000 barrels per day.
Complementing this, DP World, a global ports operator, revealed plans for a multibillion-dollar port project in Nigeria. Sultan Ahmed bin Sulayem, DP World’s Group Chairman, expressed confidence in Nigeria’s untapped potential, stating, “Nigeria is a major African market with the capacity to dominate the port sector.”
These investments signify a strong international vote of confidence in Nigeria’s economic prospects under the current administration.
