In a decisive move, President Bola Tinubu asserted on Thursday his administration’s unwavering commitment to removing impediments hindering the operations of multinationals in Nigeria. Speaking to a delegation from the Shell Group, led by Global Integrated Gas and Upstream Director Ms. Zoe Yujnovich, at the State House in Abuja, President Tinubu declared that no obstacle was insurmountable in the pursuit of making Nigeria a prime destination for substantial investments across key sectors.
Addressing the recent departure of several multinational companies from the country, President Tinubu emphasized the administration’s resolve to resolve all investment-related issues. A Punch analysis revealed that at least five multinationals have ceased operations in Nigeria over the past 10 months.
President Tinubu acknowledged the historical ties between Nigeria and Shell, dating back to the discovery of the country’s first commercial oil field in 1956. Expressing confidence in increased investment from Shell, he assured the delegation of the government’s dedication to securing and fostering both existing and new investments.
The President acknowledged progress since the last meeting and pledged continued support for Shell’s endeavors. He emphasized Nigeria’s global push for new investments and encouraged Shell to expand its contributions.
Ms. Zoe Yujnovich, on behalf of Shell Group, affirmed the company’s commitment to sustaining its investment legacy in Nigeria. She highlighted a particular focus on deepwater and the gas sector, with a pledged investment of $1 billion over the next decade to enhance the domestic gas value chain and support the Nigeria Liquefied Natural Gas project. Additionally, she announced an upcoming $5 billion investment in the Bonga North project off Nigeria’s coast, underscoring Shell’s dedication to the country’s energy sector.
President Tinubu welcomed Shell’s commitment and expressed eagerness for the proposed ventures, emphasizing the government’s readiness to support and encourage such investments in every possible way.
