Subsidy Removal, FX Reforms Attracting Oil Investment – Shettima

In a massive boost for Nigeria’s energy sector, the Vice President, Senator Kashim Shettima, has officially commissioned the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Lagos.

He hailed the state-of-the-art facility as a game-changer that will revolutionize local operations and completely rewrite the standards of excellence for the nation’s multi-billion dollar oil and gas industry.

Speaking on Friday during the commissioning of the regional petroleum and gas firm’s corporate head office in Victoria Island, Lagos, Senator Shettima declared that the world-class facility sends a clear message to investors, clients, and Nigerians that Northwest Petroleum is poised for decades of service in an evolving global energy economy.

According to Shettima, while the new corporate facility marks an expansion for Northwest Petroleum, a major indigenous player in Nigeria’s downstream oil and gas sector, it will also provide a modern, world-class environment for collaboration, professional fulfilment, and strategic achievement across its workforce, partners, and stakeholders.

“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 stated in a statement by his spokesman, Stanley Nkwocha.

The Vice President attributed what he described as renewed investment and stronger performance across the nation’s oil industry to “the economic reforms of His Excellency, President Bola Ahmed Tinubu, GCFR,” assuring that the Tinubu administration will continue to foster conditions that reward enterprise, encourage technological advancement, and sustain growth.

Specifically, VP Shettima pointed to the removal of subsidy on petroleum products and reform of the foreign exchange market, saying they “have confronted distortions that discouraged productive investment.”

He continued: “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.”

Noting that the government cannot manufacture prosperity by proclamation, the Vice President stressed the need for “private enterprises that turn investment into employment and opportunity,” commending Northwest Petroleum & Gas Company Limited for building a strong Nigerian presence across the oil and gas value chain since 1998

The regional oil conglomerate, he said, will “open doors for talented young Nigerians, offer professionals room to advance and deepen the skills on which” the nation’s energy industry depends,” observing that every career developed in the corporate facility could become a source of security for a family and strength for the country’s economy.

On his expectations from the facility, Senator Shettima said, “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.”

The VP congratulated the Board and the Mrs. Winifred Akpani-led management team of Northwest Petroleum on bringing the vision of a world-class corporate headquarters to fruition, expressing confidence that the facility will “nurture creativity, reward innovation, generate profitability, and inspire service worthy” of Nigeria.

“It is now my distinct honour to officially commission the Corporate Head Office of Northwest Petroleum & Gas Company Limited, to the glory of God and for the progress and prosperity of the Federal Republic of Nigeria,” he further declared.

Earlier, Governor Babajide Sanwo-Olu of Lagos State described the private sector as the oil of growth, reassuring of government’s commitment to providing an enabling environment for private sector to thrive.

He commended the Vice President for his leadership, support and unwavering dedication to the Nigeria Project, saying “this morning again you have demonstrated that by leaving everything in Abuja to come and honour us in Lagos.

Sanwo-Olu applauded the private sector for investing in Lagos, observing that if the sector had chosen not to make the investments, the state wouldn’t have witnessed such tremendous growths.

“So, for all of you in the oil & gas industry, financial services industry, and construction industry, let me, on behalf of Lagosians, thank you day-in-day-out, year-in-year-out for making those investments in the commercial economic centre of country,” he added.

Also, Chief Executive Officer and Founder of the Northwest Petroleum and Gas Company Limited, Mrs Winifred Akpani, underscored the importance of indigenous business and private sector participation in the continued development of the nation’s economy.

She explained that the facility represents the growth of the company, its confidence in the future, and its determination to build a modern Nigerian company capable of operating to the highest standards of excellence in an era where the global energy landscape is rapidly evolving.

“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,” Mrs Akpani stated.

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

Also present at the event were former governor of Lagos State, Mr. Akinwunmi Ambode; Group Executive Director, Commercial Operations, Oil and Gas, WAEP, and Fertilizer, of Dangote Industries Limited, Fatima Aliko-Dangote; former governor of Delta State, Chief James Ibori, and captains of industries, among others.