Shettima: Tinubu Reforms Are Unlocking New Investment In Nigeria’s Oil, Gas Sector

Vice President Kashim Shettima has said the Federal Government’s economic reforms are beginning to restore investor confidence and attract fresh investment into Nigeria’s oil and gas industry.

Shettima spoke on Friday in Lagos while commissioning the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island.

He said the development of the new facility by the indigenous oil and gas company demonstrated the growing capacity of Nigerian businesses to compete, innovate and operate at international standards.

According to the Vice President, the new headquarters is not merely an expansion of Northwest Petroleum’s operations but a statement of confidence in Nigeria’s energy future.

“This headquarters brings strategic leadership and innovation under one roof, telling investors, customers and our citizens that Northwest Petroleum is preparing for decades of service in a changing global energy economy,” he said.

Shettima attributed what he described as renewed investment and stronger performance in the oil and gas sector to the economic reforms of President Bola Tinubu, particularly the removal of petroleum subsidy and reforms in the foreign exchange market.

He said the reforms had addressed distortions that previously discouraged productive investment, while greater exchange rate predictability was enabling businesses to make longer-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.

He added that greater predictability in the foreign exchange market would strengthen procurement, improve investment decisions and support production.

The Vice President acknowledged the economic sacrifices associated with the reforms, but said the government’s responsibility was to ensure that economic progress eventually translated into better living conditions for Nigerians.

“Our administration will continue to foster conditions that reward enterprise, encourage technological advancement and sustain growth,” he said.

Shettima stressed that government could not create prosperity on its own, saying private enterprises remained essential to converting investment into employment and economic opportunities.

He commended Northwest Petroleum for building an indigenous presence across Nigeria’s oil and gas value chain since 1998, saying its continued expansion could create opportunities for young Nigerians and strengthen the skills base required by the energy industry.

The Vice President also urged the company to ensure that the economic impact of its new headquarters extended beyond its premises through increased demand for suppliers, transport services, maintenance and other businesses.

“A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations,” he said.

He expressed confidence that the facility would promote innovation, creativity, profitability and professional development, while congratulating the company’s founder and Chief Executive Officer, Winifred Akpani, and its board and management.

Earlier, Lagos State Governor Babajide Sanwo-Olu praised private-sector investors for their contribution to the growth of Lagos, describing private enterprise as a major driver of economic development.

Sanwo-Olu also commended the Vice President for attending the commissioning and urged businesses in the oil and gas, financial services and construction sectors to continue investing in the state.

Akpani said the new headquarters represented Northwest Petroleum’s confidence in Nigeria’s future and its determination to build a modern indigenous company capable of meeting global standards.

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She said the facility was designed to promote collaboration, improve operational efficiency, encourage innovation and empower the Nigerian professionals driving the company’s growth.

Akpani added that innovation, technology, responsible investment, strategic partnerships and the development of Nigerian talent would be critical to the future of the energy industry.