ExxonMobil has announced its plans to invest $10 billion in Nigeria’s deep-water oil projects, solidifying its long-term presence in the country. This announcement was made by Shane Harris, Chairman and Managing Director of ExxonMobil’s Nigerian affiliates, during a meeting with Vice President Kashim Shettima at the 79th United Nations General Assembly (UNGA) in New York.

Harris emphasized the company’s 70-year legacy in Nigeria, during which it has produced over 8 billion barrels of oil. He highlighted the Owo project, a significant subsea tie-back initiative, as the central focus of ExxonMobil’s latest investment push. The project is expected to receive the bulk of the $10 billion investment. Despite ExxonMobil’s recent divestment of onshore assets to Seplat Energy, the company plans to allocate $1 billion annually for maintenance and an additional $1.5 billion to boost production by 50,000 barrels per day in the coming years.

This renewed investment comes as ExxonMobil takes advantage of favorable fiscal terms currently being discussed with President Bola Tinubu’s administration.

ALSO READ: NUJ Decries Police Abduction of Ogun Journalist Seun Odunlami

Vice President Shettima hailed the announcement as a reflection of the government’s economic reforms and investment-friendly policies, which include unifying the exchange rate, removing fuel subsidies, and implementing tax reforms. According to Shettima, these initiatives are part of President Tinubu’s broader plan to create a stable and business-friendly environment that drives economic growth.

In a related development, global maritime giant DP World has also revealed plans to develop a multibillion-dollar port in Nigeria. Sultan Ahmed bin Sulayem, the company’s chairman, highlighted Nigeria’s potential to become a leader in Africa’s import-export sector, further underscoring the positive impact of the Tinubu administration’s foreign investment strategy.

Vice President Shettima reiterated the government’s commitment to supporting such large-scale investments, emphasizing that Nigeria is open for business and ready to partner with global players to drive economic growth. Several key government officials, including ministers of industry, youth development, and culture, were present during these discussions, showcasing Nigeria’s unified approach toward fostering foreign investments.