Shettima says economic reforms are drawing investment to oil sector
Vice President Kashim Shettima says the removal of the petrol subsidy and foreign-exchange reforms are improving stability and encouraging longer-term investment in Nigeria’s oil and gas industry. Speaking in Lagos, he acknowledged the hardship caused by the measures and said the government must convert economic gains into better living standards.
Vice President Kashim Shettima says Nigeria’s economic reforms are encouraging investment and growth in the oil and gas sector by improving market stability and business confidence. Shettima made the remarks on Friday at the inauguration of the corporate headquarters of Northwest Petroleum and Gas Company Limited in Victoria Island, Lagos. His comments were contained in a statement issued by his Senior Special Assistant on Media and Communications, Stanley Nkwocha.
The vice president pointed to the removal of the petrol subsidy and the unification of the foreign exchange market as measures that had addressed distortions that previously discouraged productive investment. He said greater exchange-rate predictability was helping businesses plan procurement, production and expansion beyond the short term. Shettima acknowledged that the reforms had imposed hardship on citizens, but said the Federal Government remained responsible for ensuring that macroeconomic improvements translated into better living conditions.
He said the administration would continue to support enterprise, technological advancement and sustainable growth. He also stressed the importance of private capital and job creation, saying government policies alone could not generate prosperity. Shettima described Northwest Petroleum’s expansion across the energy value chain since 1998 as evidence of indigenous corporate capacity.
He urged the company to use its new facility to improve operational efficiency and support supply chains involving host communities, transport operators and other auxiliary services. Lagos State Governor Babajide Sanwo-Olu similarly described private enterprise as a key engine of economic growth and reaffirmed the state’s commitment to creating an enabling environment for commerce. Northwest Petroleum’s founder and chief executive, Winifred Akpani, said the headquarters reflected the company’s confidence in Nigeria’s economic future.
She added that the sector’s development would increasingly depend on innovation, technology, responsible investment and the training of local talent.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.