Nigeria's Vice President Kashim Shettima has stated that ongoing economic reforms are driving increased investment and growth in the country's oil and gas sector. The reforms, particularly the removal of petrol subsidy and foreign exchange unification, have eliminated long-standing economic distortions, boosting market stability and long-term business confidence. Shettima made these remarks during the inauguration of the corporate headquarters of Northwest Petroleum and Gas Company Limited in Victoria Island, Lagos.
According to Shettima, the reforms have 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. He noted that 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, and greater exchange rate predictability strengthens procurement, improves investment decisions, and supports production.
Shettima acknowledged the hardship accompanying the reforms but assured that the Federal Government remained committed to translating macroeconomic gains into improved living standards for citizens. He stated that the administration will continue to foster conditions that reward enterprise, encourage technological advancement, and sustain growth. The vice president recognised the sacrifices reform has demanded and emphasised the government's obligation to translate economic progress into better lives.
The vice president also emphasised the role of the private sector in generating prosperity, noting that government policies alone could not achieve this 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. Shettima urged the company to leverage the new facility to drive operational efficiency and support host community supply chains, transport operators, and auxiliary services.
Lagos State Governor, Babajide Sanwo-Olu, who also spoke at the event, described the private sector as the engine of economic growth. He reiterated the state's commitment to providing an enabling environment for commerce and commended investors in oil and gas, financial services, and construction for their contributions to Lagos State's economic development. Sanwo-Olu's remarks underscored the importance of collaboration between the public and private sectors in driving economic growth.
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. The company's investment in the new headquarters reflects its commitment to contributing to Nigeria's economic growth and development.
The inauguration of the Northwest Petroleum and Gas Company Limited's corporate headquarters marks a significant milestone in the company's growth and expansion. The company's growth is a testament to the potential for indigenous corporate capacity in Nigeria's oil and gas sector. With the government's continued commitment to fostering an enabling environment for commerce, the sector is poised for further growth and development.
Key points
- The Nigerian government's economic reforms are driving growth in the oil and gas sector.
- The reforms have provided a predictable environment for corporate expansion and boosted market stability.
- The private sector is expected to play a crucial role in generating prosperity and driving economic growth.
