Vice President Kashim Shettima has said Nigeria’s oil and gas sector is attracting renewed investment following reforms by the Federal Government, particularly the removal of petroleum subsidy and changes to the foreign exchange market.
Shettima made the remarks on Friday in Lagos while inaugurating the new corporate headquarters of Northwest Petroleum and Gas Company Limited in Victoria Island.
According to him, the reforms have addressed economic distortions that previously made it difficult for businesses to plan and commit funds to long-term projects.
He said greater stability in the foreign exchange market was helping companies make investment decisions, plan procurement and expand production.
Shettima acknowledged that the reforms had placed financial pressure on Nigerians but said the government’s responsibility was to ensure that the gains from economic changes eventually translated into improved living conditions.
He also stressed the importance of private-sector investment, saying government policies alone could not generate jobs and economic growth without businesses willing to commit capital.
The Vice President described Northwest Petroleum’s expansion as an example of growing indigenous participation in the energy industry. He noted that the company has operated across the oil and gas value chain since 1998.
Shettima urged the company to use its new headquarters to improve efficiency and expand opportunities for businesses providing transportation, maintenance, supply and other support services.
He said the company’s growth should extend beyond its operations to create economic opportunities for surrounding communities.
Lagos State Governor Babajide Sanwo-Olu, who also spoke at the event, described the private sector as a major driver of economic growth and commended companies investing in oil and gas, financial services and construction.
Northwest Petroleum’s founder and Chief Executive Officer, Winifred Akpani, said the new headquarters reflected the company’s confidence in Nigeria and its commitment to building an indigenous energy business.
She said technology, innovation, responsible investment, partnerships and the development of Nigerian talent would play an increasingly important role in the future of the energy industry.
