Reforms boosting oil sector investments, says Shettima

Vice President Kashim Shettima says ongoing economic reforms, particularly the removal of petrol subsidy and foreign exchange unification, are driving increased investment and growth in Nigeria’s oil and gas sector.

Shettima stated that the policies had eliminated long-standing economic distortions, boosting market stability and long-term business confidence.

He spoke on Friday during the inauguration of the corporate headquarters of Northwest Petroleum and Gas Company Limited in Victoria Island, Lagos.

In a statement by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima noted that the reforms provided a predictable environment for corporate expansion.

“The removal of petrol subsidy and reforms in the foreign exchange market have confronted distortions that discouraged productive investment.

“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.

The vice president acknowledged the hardship accompanying the reforms, assuring that the Federal Government remained committed to translating macroeconomic gains into improved living standards for citizens.

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

• I’ll quit ADC ticket, back Tinubu if petrol hits ₦600 – Amaechi
• NNPC offers N66 fuel discount nationwide
• Nigeria @66: Fadahunsi urges unity, support for Tinubu’s reforms

“We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives,” he said.

Emphasising the role of the private sector, Shettima noted that government policies alone could not generate prosperity without private capital and job creation.

He commended Northwest Petroleum for expanding its operations across the energy value chain since 1998, describing its growth as proof of indigenous corporate capacity.

“We take particular pride in seeing an indigenous enterprise expand with such conviction. “Nigerian ownership must mean Nigerian capacity to compete, invent and deliver,” he said.

He urged the company to leverage the new facility to drive operational efficiency and support host community supply chains, transport operators, and auxiliary services.

Also speaking, Lagos State Governor, Babajide Sanwo-Olu, described the private sector as the engine of economic growth, reiterating the state’s commitment to providing an enabling environment for commerce.

Sanwo-Olu commended investors in oil and gas, financial services, and construction for their contributions to Lagos State’s economic development.

Earlier, the Chief Executive Officer and founder of Northwest Petroleum and Gas Company, Winifred Akpani, said the corporate headquarters underscores the company’s confidence in Nigeria’s economic future.

Akpani added that energy sector growth will increasingly rely on innovation, technology, responsible investment, and local talent development.