Shettima: Tinubu Reforms Restoring Confidence In Nigeria’s Oil Industry
Vice President Kashim Shettima has commissioned the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island, Lagos, describing the facility as a reflection of the growing capacity of indigenous businesses to compete in Nigeria’s oil and gas industry.
Speaking at the commissioning on Friday, Shettima said the new headquarters demonstrated that Northwest Petroleum was positioning itself for long-term growth and sustained relevance in a rapidly changing global energy landscape.
He said the facility would provide a modern environment for strategic leadership, innovation and collaboration while strengthening the company’s operations and its contribution to Nigeria’s downstream petroleum sector.
“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver,” the Vice President said.
According to him, the new corporate headquarters sends a strong message to investors, customers and Nigerians that the company is preparing for decades of service in an evolving global energy economy.
Shettima attributed increased investment and improved performance in Nigeria’s oil and gas sector to the economic reforms of President Bola Ahmed Tinubu, particularly the removal of petroleum subsidy and reforms in the foreign exchange market.
He said the reforms had helped address distortions that previously discouraged productive investment, while greater exchange-rate predictability was enabling businesses to make longer-term investment decisions.
“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,” he said.
The Vice President stressed that government alone could not create prosperity, noting that private enterprises remained essential to converting investment into jobs, skills and economic opportunities.
He commended Northwest Petroleum for building a strong Nigerian presence across the oil and gas value chain since its establishment in 1998.
Shettima said the company’s expansion would create opportunities for young Nigerians, professionals and businesses involved in supply, transportation, maintenance and other services.
He also urged the company to ensure that the economic benefits of its operations extended to surrounding communities.
“A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations,” he said.
Shettima congratulated the board and management team led by the company’s Chief Executive Officer and Founder, Mrs Winifred Akpani, for bringing the project to fruition.
He expressed confidence that the facility would promote innovation, creativity and improved productivity while contributing to Nigeria’s economic development.
Earlier, Lagos State Governor Babajide Sanwo-Olu described the private sector as a major driver of economic growth and reaffirmed his administration’s commitment to creating an enabling environment for businesses to thrive.
Sanwo-Olu commended the Vice President for attending the commissioning and supporting the development of the Nigerian economy.
He also thanked investors in the oil and gas, financial services and construction sectors for their contributions to Lagos’ economic growth.
In her remarks, Akpani said the new headquarters symbolised Northwest Petroleum’s growth, confidence in Nigeria’s future and commitment to building a modern indigenous company capable of meeting international standards.
She said the smart building was designed to promote collaboration, improve operational efficiency, encourage innovation and empower the company’s workforce.
Akpani added that the future of the energy industry would increasingly depend on innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent.
The event was attended by former Lagos State Governor Akinwunmi Ambode; former Delta State Governor James Ibori; Group Executive Director, Commercial Operations, Oil and Gas, WAEP and Fertilizer, Dangote Industries Limited, Fatima Aliko-Dangote; and other business leaders and industry stakeholders.
