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Vice President Kashim Shettima has linked the growing interest in Nigeria’s oil and gas industry to changes introduced by the Federal Government in the economy.
According to him, adjustments to the petrol subsidy regime and foreign exchange system have removed some of the uncertainties that previously affected investment decisions.
Shettima made the remarks in Lagos on Friday at the opening of the corporate headquarters of Northwest Petroleum and Gas Company Limited.
He said businesses require a predictable economic environment to make long-term commitments, adding that improved exchange-rate stability could support planning, procurement and expansion.
The Vice President acknowledged that the reforms had created economic pressures for citizens but said the government’s responsibility was to ensure that improvements in the broader economy eventually translate into better living conditions.
He also stressed the importance of private investment in driving economic activity, saying government efforts must be complemented by businesses willing to provide capital, create jobs and develop new technologies.
Shettima described the expansion of Northwest Petroleum as an example of the capacity of Nigerian-owned companies to grow within the energy sector.
