Vice President Kashim Shettima has linked renewed investment and stronger performance in the oil and gas industry to the economic reforms of President Bola Tinubu’s administration.
Shettima said the reforms, particularly the removal of petroleum subsidy and changes to the foreign exchange market, had addressed distortions that previously discouraged productive investment and restored the confidence businesses needed to commit capital to long-term expansion.
He spoke on Friday while commissioning the new corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island, Lagos, where he described the facility as a reflection of the growth of an indigenous company and Nigeria’s expanding capacity in the oil and gas industry.
The Vice President said the reforms had created conditions that enabled businesses to plan beyond short-term operations, noting that greater exchange-rate predictability would strengthen procurement, improve investment decisions and support production.
According to him, the stabilisation of the market is gradually restoring the confidence required for businesses to commit substantial capital to expansion.
“A business must be able to plan before it can expand. Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production,” Shettima said.
He assured investors and businesses that the Federal Government would continue to create conditions that reward enterprise, encourage technological advancement and sustain economic growth.
Shettima also acknowledged the difficulties associated with the reforms, saying the government’s responsibility was to ensure that economic progress ultimately translated into improved living conditions and greater opportunities for Nigerians.
He said, “We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives.”
The Vice President described Northwest Petroleum & Gas Company Limited as a major indigenous player in Nigeria’s downstream oil and gas sector, commending the company for establishing a strong Nigerian presence across the energy value chain since its incorporation in 1998.
He said the commissioning of the new headquarters demonstrated the company’s confidence in Nigeria’s economic future and its readiness to operate in an increasingly competitive global energy environment.
“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver,” he said.
Shettima said the new headquarters would bring strategic leadership, innovation and operational activities under one roof, providing a modern environment for collaboration among the company’s workforce, partners and other stakeholders.
He added that the facility would send a strong message to investors, customers and Nigerians that Northwest Petroleum was positioning itself for decades of operations and growth amid changes in the global energy landscape.
“This headquarters brings strategic leadership and innovation under one roof, telling investors, customers and our citizens that Northwest Petroleum is preparing for decades of service in a changing global energy economy. The progress recorded here should make our country harder to dismiss,” he stated.
The Vice President stressed that government alone could not create prosperity, saying private enterprises were needed to translate investment into employment, skills development and economic opportunities.
He said Northwest Petroleum’s expansion would create opportunities for young Nigerians to build careers, while helping professionals deepen their expertise in the energy industry.
According to him, the economic impact of the company should extend beyond its corporate headquarters through increased demand for suppliers, transportation, maintenance and other support services.
“A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations,” he said.
“Its economic influence should extend beyond its gates. I expect new demand for suppliers, transport, maintenance and other services to generate opportunities within this community. The prosperity of your neighbours should grow alongside the prosperity recorded in your accounts.”
Shettima congratulated the board and management team led by the company’s founder and Chief Executive Officer, Mrs Winifred Akpani, for completing the project, expressing confidence that the facility would promote creativity, innovation, profitability and professional excellence.
Earlier, Lagos State Governor Babajide Sanwo-Olu described the private sector as a major driver of economic growth, assuring investors of the state government’s commitment to creating an enabling environment for businesses to thrive.
Sanwo-Olu commended Shettima for attending the commissioning, describing his presence in Lagos as an indication of his support for private-sector investment and the development of the country.
He also acknowledged the contribution of companies operating in the oil and gas, financial services and construction sectors to the growth of Lagos, saying the state’s economic development would have been significantly different without sustained private-sector investment.
Speaking at the event, Akpani underscored the importance of indigenous businesses and private-sector participation in Nigeria’s economic development.
She described the new headquarters as a symbol of Northwest Petroleum’s growth, confidence in Nigeria’s future and determination to build a modern Nigerian company capable of meeting international standards.
“This smart building stands as a symbol of our long-term commitment to Nigeria’s future. It provides a modern environment designed to promote collaboration, strengthen operational efficiency, encourage innovation, and empower the talented people who drive our business,” Akpani said.
She added that the future of Nigeria’s energy industry would increasingly depend on innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent.
The event was attended by former Lagos State Governor Akinwunmi Ambode, former Delta State Governor James Ibori, Group Executive Director, Commercial Operations, Oil and Gas, WAEP and Fertilizer, Dangote Industries Limited, Fatima Aliko-Dangote, as well as other business leaders and industry stakeholders.