Vice President Kashim Shettima has said the removal of petrol subsidy and reforms of the foreign exchange market by President Bola Tinubu’s administration are restoring investor confidence and attracting fresh investments into Nigeria’s oil and gas sector.
Shettima said the reforms had helped address economic distortions that previously discouraged productive investments, while improved market stability and exchange rate predictability were enabling businesses to make long-term investment decisions.
The Vice President spoke in Victoria Island, Lagos, during the commissioning of the new corporate headquarters of Northwest Petroleum & Gas Company Limited, an indigenous oil and gas company established in 1998.
In a statement issued by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, Shettima said the Federal Government remained committed to creating an environment that rewards enterprise, promotes technological advancement and supports sustainable economic growth.
According to him, greater economic predictability is essential for businesses to plan, expand operations and improve productivity.
The Vice President acknowledged the sacrifices Nigerians had made because of the economic reforms, stressing that the government had a responsibility to translate economic progress into improved living conditions.
Shettima described the new Northwest Petroleum headquarters as evidence of the capacity of indigenous Nigerian businesses to expand, compete and adapt to changes in the global energy industry.
He said the facility demonstrated the importance of developing local capacity and strengthening the ability of Nigerian companies to compete internationally.
Shettima further said the new corporate headquarters should improve coordination, operational efficiency and productivity while generating additional economic activities for businesses providing transportation, maintenance, supplies and other services.
In his remarks, Lagos State Governor Babajide Sanwo-Olu described the private sector as a major driver of economic growth, assuring investors of the state government’s continued commitment to providing an enabling environment for businesses.
Sanwo-Olu appreciated investors in the oil and gas, financial services, construction and other sectors for continuing to invest in Lagos, noting that their contributions had supported the state’s economic expansion.
Other dignitaries at the event included former Lagos State Governor Akinwunmi Ambode, former Delta State Governor James Ibori, and Fatima Aliko-Dangote, Group Executive Director for Commercial Operations, Oil and Gas, WAEP and Fertilizer at Dangote Industries Limited, among other industry leaders.
