Vice President Kashim Shettima has said the Federal Government’s economic reforms, particularly the removal of petrol subsidy and changes to the foreign exchange market, are restoring investor confidence and encouraging fresh investments in Nigeria’s oil and gas sector.
Shettima made the remarks on Friday in Victoria Island, Lagos, while commissioning the new corporate headquarters of Northwest Petroleum & Gas Company Limited, an indigenous oil and gas company founded in 1998.
According to the Vice President, greater stability and predictability in the economy are giving businesses the confidence to commit funds to long-term investments rather than making short-term decisions.
He said the reforms had helped address distortions that previously discouraged productive investment, adding that a more predictable foreign exchange environment could improve procurement, investment planning and production.
“Our administration will continue to foster conditions that reward enterprise, encourage technological advancement and sustain growth,” Shettima said, while acknowledging the sacrifices associated with the reforms.
He stressed that the government’s responsibility was not only to pursue economic progress but also to ensure that such progress eventually translates into improved living conditions for Nigerians.
The Vice President described Northwest Petroleum’s new headquarters as an indication of the capacity of indigenous businesses to expand and compete within an evolving global energy industry.
He said Nigerian ownership of businesses should be reflected not only in ownership structures but also in the ability of local companies to develop capacity, innovate and compete at international standards.
Shettima also pointed to the wider economic benefits that could come from the company’s expansion, saying increased business activity should create opportunities for suppliers, transport operators, maintenance companies and other service providers.
He commended the company’s founder and Chief Executive Officer, Winifred Akpani, as well as its board and management, for the development of the new facility.
Northwest Petroleum, according to information provided by the company, has expanded its operations since commencing business in 1998 to include petroleum products marketing, storage, distribution and other areas of the oil and gas value chain.
Shettima said the centralised headquarters could further improve coordination, efficiency and productivity as the company expands its operations.
He also said the growth of indigenous energy companies could contribute to the development of professional skills and create opportunities for young Nigerians seeking careers in the sector.
Lagos State Governor Babajide Sanwo-Olu, who spoke at the event, described the private sector as a key driver of economic growth and assured investors that the state government would continue working to provide an enabling environment for businesses.
Sanwo-Olu also commended investors in the oil and gas, financial services, construction and other sectors for continuing to commit capital to Lagos, saying their investments had contributed significantly to the state’s economic expansion.
Akpani said the new headquarters represented the company’s growth, its confidence in Nigeria’s future and its determination to build a modern indigenous business capable of competing as the global energy industry changes.
She said the facility was designed to promote collaboration, improve operational efficiency, encourage innovation and provide an environment where the company’s workforce could maximise its potential.
Akpani further identified innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent as key factors that would shape the future of the energy industry.
The commissioning was attended by former Lagos State Governor Akinwunmi Ambode, former Delta State Governor James Ibori, Fatima Aliko-Dangote, Group Executive Director, Commercial Operations, Oil and Gas, WAEP and Fertilizer at Dangote Industries Limited, as well as other business leaders and industry stakeholders.