Vice President Kashim Shettima has emphasized that government cannot manufacture prosperity by proclamation, highlighting the crucial role of private enterprises in converting investment into employment and opportunities. He made this statement during the inauguration of the corporate headquarters of Northwest Petroleum and Gas Company Ltd. in Victoria Island, Lagos. Shettima stressed that economic reforms implemented by President Bola Tinubu's administration have renewed investment and strengthened performance across Nigeria's oil industry.
Shettima noted that the removal of petroleum product subsidies and foreign exchange market reforms have addressed distortions that discouraged productive investment. He expressed confidence that the stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter. According to Shettima, greater exchange-rate predictability will strengthen procurement, improve investment decisions, and support production across the economy.
The Vice President commended Northwest Petroleum and Gas Company for establishing a strong Nigerian presence across the oil and gas value chain since 1998. He stated that the company will create opportunities for talented young Nigerians and help professionals develop skills required by the energy industry. Shettima described the new facility as a game-changer capable of transforming local operations and raising standards across Nigeria's multi-billion-dollar oil and gas industry.
Shettima also emphasized that careers developed through the facility can provide economic security for families while strengthening the nation's economy. He expects the company to generate new demand for suppliers, transport, maintenance, and other services, creating opportunities within the community. The Vice President congratulated the company's board and Chief Executive Officer, Mrs. Winifred Akpani, for bringing the vision of a world-class headquarters to fruition.
Earlier, Governor Babajide Sanwo-Olu of Lagos State described the private sector as the "oil of growth" and reaffirmed the government's commitment to creating an enabling environment. Sanwo-Olu commended Shettima for his leadership, support, and dedication to the Nigeria project, including his presence at the Lagos event. He also applauded private-sector investors for contributing to Lagos's economic growth through sustained investments.
Akpani underscored the importance of indigenous businesses and private-sector participation in Nigeria's continued economic development. She stated that the facility represents the company's growth, confidence in Nigeria's future, and determination to build a modern Nigerian company. According to Akpani, the smart building stands as a symbol of the company's long-term commitment to Nigeria's future, providing a modern environment designed to promote collaboration, strengthen operational efficiency, and empower talented people.
The inauguration of the corporate headquarters of Northwest Petroleum and Gas Company Ltd. marks a significant milestone in Nigeria's oil and gas industry. The company's investment in the new facility demonstrates its commitment to Nigeria's economic growth and development. The event was attended by various stakeholders, including government officials, industry leaders, and business executives.
Key points
- Government cannot manufacture prosperity by proclamation, and private enterprises play a crucial role in transforming investment into employment and opportunities.
- Economic reforms implemented by President Bola Tinubu's administration have renewed investment and strengthened performance across Nigeria's oil industry.
- The new facility is expected to create opportunities for talented young Nigerians and help professionals develop skills required by the energy industry.
