President Bola Ahmed Tinubu has promised multinationals operating in Nigeria that his administration is determined to create an environment for the smooth running of their businesses.
He pledged to remove all bottlenecks and stressed that no obstacle was too big to be removed to make Nigeria a safe-haven for large-scale investments.
According to a statement on Friday by the President’s Special Adviser on Media and Publicity, Tinubu spoke on Thursday when he received a delegation of the management of Shell Group led by Director, Global Integrated Gas and Upstream, Ms. Zoe Yujnovich, at the State House, Abuja.
The president’s remarks followed the recent exodus of several multinational companies from the country in the past months.
“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors. We need each other,” he said.
Tinubu expressed confidence in the potential for increased investment from Shell Petroleum Development Company of Nigeria, emphasising Nigeria’s longstanding ties with Shell, which date back to the discovery of the country’s first commercial oil field in 1956.
“We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.
“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible,” he added.
Shell’s Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, on behalf of the Shell Group, pledged an investment of $1bn over the next decade to enhance the domestic gas value chain and support the Nigeria Liquefied Natural Gas project.
She also announced an upcoming $5bn investment in the Bonga North project, located off Nigeria’s coast, saying it underscores Shell’s commitment to the country’s energy sector.