Vice President Kashim Shettima has stated that the reforms implemented by President Bola Tinubu's administration have led to increased investor confidence in Nigeria's oil and gas sector. According to Shettima, the removal of petrol subsidy and reforms in the foreign exchange market have addressed previous distortions that discouraged productive investments. This, he believes, has created a more stable and predictable economic environment, allowing businesses to commit capital to long-term investments.
Shettima made these remarks during the commissioning of Northwest Petroleum & Gas Company Limited's new corporate headquarters in Lagos. The company, founded in 1998, has expanded its operations across various segments of the oil and gas business, including petroleum products marketing, storage, and distribution. Shettima commended Northwest Petroleum for demonstrating the capacity of indigenous Nigerian companies to compete and position themselves for the changing global energy economy.
The Vice President emphasized that the Federal Government will continue to create conditions that reward enterprise, technological advancement, and sustainable growth. He acknowledged the sacrifices demanded by the reforms but stressed that the government's obligation is to translate economic progress into better lives for Nigerians. Shettima also highlighted the importance of private enterprises in translating investments into employment, skills, and economic opportunities for Nigerians.
During the event, Lagos State Governor Babajide Sanwo-Olu described the private sector as a critical driver of economic growth. He assured investors that the government would continue to provide an enabling environment for businesses to thrive. Sanwo-Olu thanked investors in various sectors for committing capital to Lagos, contributing significantly to the state's economic expansion.
Northwest Petroleum's founder and Chief Executive Officer, Mrs. Winifred Akpani, said the new headquarters reflects the company's growth, confidence in Nigeria's future, and determination to build a modern indigenous company capable of competing at high standards. The facility, she believes, will foster innovation, profitability, and service. Akpani emphasized that the future of the energy industry will increasingly depend on innovation, technology, responsible investment, strong partnerships, and the development of Nigerian talent.
The event was attended by several dignitaries, including former Lagos State Governor Akinwunmi Ambode, former Delta State Governor James Ibori, and Group Executive Director, Commercial Operations, Oil and Gas, WAEP and Fertilizer at Dangote Industries Limited, Fatima Aliko-Dangote. The new headquarters is expected to sharpen efficiency, improve coordination, and increase productivity across Northwest Petroleum's expanding operations.
Shettima concluded by congratulating the board and management of Northwest Petroleum for delivering the facility and expressing confidence that it would drive growth and opportunities for young Nigerians. The Vice President's visit and remarks underscore the government's commitment to supporting private sector growth and development in Nigeria's oil and gas sector.
Key points
- The removal of petrol subsidy and reforms in the foreign exchange market have restored investor confidence in Nigeria's oil and gas sector.
- The Federal Government will continue to create conditions that reward enterprise, technological advancement, and sustainable growth.
- Private enterprises are crucial in translating investments into employment, skills, and economic opportunities for Nigerians.
