An American multinational oil and gas corporation, ExxonMobil, has disclosed its plan to launch a $10 billion investment in Nigeria’s deep-water oil operations.

The Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company’s commitment to investing in Nigeria during a high-level meeting with Vice President Kashim Shettima on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.

Harris, who led other ExxonMobil executives to the meeting, noted that the company’s commitment to Nigeria remains unwavering.

He said, “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.”

The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.

Harris further disclosed that ExxonMobil is working closely with the president’s office and the Special Adviser to the President to secure favorable fiscal arrangements to make the significant investment possible.

Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.

Buying into the investment proposal, Nigeria’s Vice President Shettima described it as a clear testament to the Federal Government’s economic reforms and investment-friendly policies.

According to Shettima, ExxonMobil’s potential investment aligns perfectly with President Bola Tinubu’s vision for a more investment-friendly Nigeria.

He promised the oil and gas company an enabling environment for the investment.

The vice president elaborated on the Tinubu administration’s efforts to ensure the ease of doing business in Nigeria, adding that the Renewed Hope Agenda places a strong emphasis on this priority.

He noted that the current administration has initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.

Addressing the specific concerns of the oil and gas sector, Shettima stated that the government is committed to revising the fiscal framework for deep-water operations. He said the federal government’s goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people.

In a related development, an international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.

The Group Chairman & CEO of DP World, Sultan Ahmed bin Sulayem, revealed the company’s intentions during a courtesy visit to Shettima on the sidelines of the ongoing United Nations General Assembly in New York.

The proposal comes as a direct response to President Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.

Nigeria’s Vice President, Kashim Shettima, has urged investors at the United Nations General Assembly (UNGA) to give the country the benefit of the doubt.

The Vice President, who attended the 79th UNGA on behalf of President Bola Tinubu, praised the current administration as the most investor-friendly in Nigeria’s history.

Vice President Shettima departed Abuja for the United States on Sunday to attend the 79th UNGA.

The trip was announced in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, on Sunday.

Nkwocha stated that during the session, Shettima would deliver Nigeria’s national statement, participate in key meetings on the sidelines of the event, and engage with investors.

At the event, Shettima highlighted Tinubu’s efforts to revive the country’s economy by removing the fuel subsidy and unifying the foreign exchange markets.

He said, “I urge you to give Nigeria the benefit of the doubt. The current administration, led by President Bola Ahmed Tinubu, is the most investor-friendly administration in Nigeria’s history.

“When the fuel subsidy was an albatross around Nigeria’s neck, President Tinubu hit the ground running from day one by withdrawing the subsidy and unifying the multiple opaque foreign exchange markets.”

Investors King gathered that Shettima’s engagement with investors has so far garnered $320 million in investment commitments.

The Manufacturers Association of Nigeria (MAN) has reacted to the recently announced $1 billion investment by the Coca-Cola Bottling Company.

Investor King reported that Coca-Cola announced plans to invest $1 billion in Nigeria on Thursday, September 19, 2024.

The Chief Executive Officer (CEO) of the company, Mr. Zoran Bogdanovic, disclosed this during his visit to President Tinubu, where he reaffirmed the company’s long-term commitment to Nigeria.

In his reaction, MAN Director General, Mr. Segun Ajayi-Kadir, stated that the investment must have been predicated on the full implementation of the Accelerated Advancement and Stabilisation Plan (ASAP).

Mr. Ajayi-Kadir made this known on Saturday via a statement made available to journalists in Lagos State.

The MAN boss urged the Tinubu-led government to maintain momentum and fully implement the plan for the billion-dollar investment, noting that the pledge was a positive signal and a vote of confidence in the Tinubu administration’s policies.

According to Ajayi-Kadir: “The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth. As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan.”

“The Coca-Cola System’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.”

“While we acknowledge the government’s commitment to the plan, further decisive and well-coordinated actions are needed to ensure this kind of investment—and many more like it—translate into broader economic gains under President Tinubu’s government.”

Furthermore, Ajayi-Kadir advised that diligent, focused, and unrelenting implementation is essential to achieving the desired results of the investment.