Don’t Leave Nigeria, Tinubu Urges Multinationals

President Bola Tinubu on Thursday told multinationals operating in Nigeria on Thursday that his administration was determined to remove all bottlenecks to the smooth running of their businesses.

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This was as he said no obstacle was too big to be removed to make Nigeria a safe-haven for large-scale investments.

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“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,” the President told a visiting delegation of the management of Shell Group led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, at the State House, Abuja.

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The President's remarks followed the recent exodus of several multinational companies from the country in the past months.

A PUNCH analysis of separate notices filed by several companies show that at least five multinationals have wound down operations in Nigeria in the last 10 months.

But in a statement signed Friday by the President's Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu expressed confidence in the potential for increased investment from Shell Petroleum Development Company of Nigeria.

Emphasizing Nigeria's longstanding ties with Shell, which date back to the discovery of the country's first commercial oil field in 1956, the President assured the Shell delegation of his administration's commitment to securing and fostering both existing and new investments.

“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, affirmed the company's intent to sustain its investment legacy in Nigeria.

This includes a particular focus on deepwater and gas sector opportunities, with a pledged investment of $1bn over the next decade to enhance the domestic gas value chain and support the Nigeria Liquefied Natural Gas project.

She 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.

Ms. Yujnovich expressed eagerness to proceed with this significant venture and noted the series of prospective investments Shell is considering in Nigeria.

Last updated on February 19th, 2024 at 11:44 pm

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