Vice President Kashim Shettima has said economic reforms under President Bola Tinubu renewed investment and strengthened performance across Nigeria’s oil industry.

Mr Shettima stated this on Friday while inaugurating the corporate headquarters of Northwest Petroleum and Gas Company Ltd. in Victoria Island, Lagos.

He said the removal of petroleum product subsidies and foreign exchange market reforms had addressed distortions that discouraged productive investment.

“The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter,” Mr Shettima said.

He added that greater exchange-rate predictability would strengthen procurement, improve investment decisions and support production across the economy.

“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,” he said.

Mr Shettima said government could not manufacture prosperity by proclamation, stressing the importance of private enterprises that transform investment into employment and opportunities.

He commended Northwest Petroleum and Gas Company for establishing a strong Nigerian presence across the oil and gas value chain since 1998.

The vice president said the company would create opportunities for talented young Nigerians and help professionals develop skills required by the energy industry.

He described the new facility as a game-changer capable of transforming local operations and raising standards across Nigeria’s multi-billion-dollar oil and gas industry.

Mr Shettima said careers developed through the facility could provide economic security for families while strengthening the nation’s economy.

“A centralised corporate hub must also sharpen efficiency, improve coordination and increase productivity across your expanding operations.

“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,” he said.

Mr Shettima congratulated the company’s board and Chief Executive Officer, Winifred Akpani, for bringing the vision of a world-class headquarters to fruition.

He expressed confidence that the facility would 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 and Gas Company Ltd., to the glory of God,” he stated.

Earlier, Lagos State Governor, Babajide Sanwo-Olu, described the private sector as the “oil of growth” and reaffirmed government’s commitment to creating an enabling environment.

Mr Sanwo-Olu commended Mr Shettima for his leadership, support and dedication to the Nigerian project, including his presence at the Lagos event.

He also applauded private-sector investors for contributing to Lagos’s economic growth through sustained investments.

“For all of you in the oil and gas industry, financial services industry, and construction industry, let me, on behalf of Lagosians, thank you,” he said.

On her part, Ms Akpani underscored the importance of indigenous businesses and private-sector participation in Nigeria’s continued economic development.

She said the facility represented the company’s growth, confidence in Nigeria’s future and determination to build a modern Nigerian company.

“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 talented people,” Mr Akpani stated.

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

(NAN)