Vice President Kashim Shettima has stated that the economic policies implemented by President Bola Tinubu’s administration—specifically the elimination of petroleum subsidies and adjustments in the foreign exchange market—are successfully driving new investments and boosting overall performance within Nigeria’s oil and gas sector.
In a statement signed by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), Shettima made the remarks on Friday at the commissioning of the ultramodern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island, Lagos.
The Vice President said the reforms “have confronted distortions that discouraged productive investment,” adding that the stabilisation of the market was restoring confidence needed by businesses to commit capital for expansion.
“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. Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production,” Shettima said.
“Our administration will continue to foster conditions that reward enterprise, encourage technological advancement and sustain growth. We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives.”
Shettima said Nigeria’s energy industry was positioning itself for decades of service in a changing global energy economy, stressing the importance of indigenous enterprises in driving investment, employment and technological development.
“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver.
“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. The progress recorded here should make our country harder to dismiss,” he stated.
He said government could not create prosperity through declarations alone, stressing the role of private enterprises in converting investments into jobs and economic opportunities.
According to him, Northwest Petroleum’s expansion would create opportunities for young Nigerians, professionals, suppliers, transport operators and other service providers.
“A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations.
“Its economic influence should extend beyond its gates. I expect new demand for suppliers, transport, maintenance and other services to generate opportunities within this community. The prosperity of your neighbours should grow alongside the prosperity recorded in your accounts,” he said.
The Vice President also assured investors that the Tinubu administration would continue to create conditions that support enterprise, technological advancement and sustainable growth.
Earlier, Lagos State Governor Babajide Sanwo-Olu described the private sector as a major driver of economic growth and commended businesses for investing in the state.
The Chief Executive Officer and Founder of Northwest Petroleum & Gas Company Limited, Mrs Winifred Akpani, said the company’s new headquarters reflected its confidence in Nigeria’s future and its commitment to operating at international standards.
“This smart building stands as a symbol of our long-term commitment to Nigeria’s future. It provides a modern environment designed to promote collaboration, strengthen operational efficiency, encourage innovation, and empower the talented people who drive our business,” Akpani stated.
What You Should Know
Vice President Kashim Shettima announced that the federal government’s major economic policies, such as removing fuel subsidies and stabilizing the foreign exchange market, are making Nigeria’s oil and gas industry more attractive to investors. Speaking in Lagos during the commissioning of Northwest Petroleum’s new corporate headquarters, Shettima emphasized that these reforms remove barriers to productive investments and give businesses the predictability they need to expand long-term operations.
- Positive Impact: Increased investment in the energy sector can lead to better infrastructure, improved product availability, and more job opportunities for young Nigerians, professionals, and local service providers.
- Potential Concerns: While private sector expansion is promising, citizens continue to face high living costs resulting from the initial shock of these economic reforms, meaning the government must actively ensure that macroeconomic progress translates into tangible relief for everyday households.
