In a resolute bid to retain multinational corporations in Nigeria, President Bola Ahmed Tinubu has passionately appealed for their continued presence, assuring them of his administration’s commitment to fostering a business-friendly environment. The president’s appeal comes in the wake of the recent departure of several multinational companies from the country.
During a crucial meeting with the management of Shell Group, led by Director, Global Integrated Gas and Upstream, Ms. Zoe Yujnovich, Tinubu pledged to eliminate any obstacles hindering smooth operations for these corporations. He stated, “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.”
President Tinubu expressed confidence in the potential for increased investment from Shell Petroleum Development Company of Nigeria, highlighting Nigeria’s longstanding ties with Shell dating 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.
However, Shell’s Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, responded positively by pledging a substantial $1 billion investment over the next decade. This investment is dedicated to enhancing the domestic gas value chain and supporting the Nigeria Liquefied Natural Gas project. Furthermore, Yujnovich announced an upcoming $5 billion investment in the Bonga North project, situated off Nigeria’s coast, reaffirming Shell’s commitment to the country’s energy sector.
