Vice President Kashim Shettima has said the removal of petrol subsidy and the reform of the foreign exchange market by President Bola Tinubu’s administration are restoring investor confidence and attracting fresh investments into Nigeria’s oil and gas sector.

He said greater stability and predictability in the economy were giving businesses the confidence to commit capital to long-term investments, and assured that the Federal Government would keep creating conditions that reward enterprise, technological advancement and sustainable growth.

Shettima spoke yesterday at Victoria Island, Lagos, while commissioning the new corporate headquarters of Northwest Petroleum & Gas Company Limited, an indigenous oil and gas company founded in 1998.

In a statement issued by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said the removal of subsidy on petroleum products and the reform of the foreign exchange market had corrected distortions which, according to him, discouraged productive investments.

“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. Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production.

“Our administration will continue to foster conditions that reward enterprise, encourage technological advancement and sustain growth. We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives”, Shettima said.

The Vice President said the new Northwest Petroleum headquarters showed the capacity of indigenous Nigerian companies to expand, compete and position themselves for the changing global energy economy.

“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver.

“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 said.

Shettima stressed that prosperity could not be created by government declaration alone, noting that private enterprises were needed to turn investments into employment, skills and economic opportunities for Nigerians.

He commended Northwest Petroleum for building what he described as a strong Nigerian presence across the oil and gas value chain since its establishment, adding that the company’s expansion should open up opportunities for young Nigerians and deepen professional capacity in the energy industry.

According to the company, Northwest Petroleum began operations in 1998 and has since grown its activities across petroleum products marketing, storage, distribution and other segments of the oil and gas business.

“A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations.

“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 said.

The Vice President congratulated the board and management of the company, led by its founder and Chief Executive Officer, Mrs Winifred Akpani, for delivering the facility, and expressed confidence that it would foster innovation, profitability and service.

Lagos State Governor, Babajide Sanwo-Olu, in his remarks, described the private sector as a critical driver of economic growth and assured investors that the government would continue to provide an enabling environment for businesses to thrive.

Sanwo-Olu thanked investors in the oil and gas, financial services, construction and other sectors for continuing to commit capital to Lagos, saying such investments had contributed significantly to the state’s economic expansion.

Akpani said the new headquarters reflected Northwest Petroleum’s growth, its confidence in Nigeria’s future and its determination to build a modern indigenous company capable of competing at high standards as the global energy industry evolves.

“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”, she said.

She said the future of the energy industry would increasingly depend on innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent.

Among the dignitaries at the event were a former Lagos State Governor, Akinwunmi Ambode; a former Delta State Governor, James Ibori; the Group Executive Director, Commercial Operations, Oil and Gas, WAEP and Fertilizer at Dangote Industries Limited, Fatima Aliko-Dangote; and other captains of industry.