UNGA79: ExxonMobil Unveils $10bn Deep-Water Investment Plan In Nigeria
*** As DP World proposes multibillion-dollar port project in Nigeria
Vice President Kashim Shettima @officialSKSM has welcomed ExxonMobil's @exxonmobil proposed $10 billion investment in Nigeria's deep-water oil operations, describing it as a clear testament to the administration's economic reforms and investment-friendly policies.
This is coming just as the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.
The Vice President stated this on Wednesday during a high-level meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.
"This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu @officialABAT administration's vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects," he declared.
VP Shettima elaborated on the President Tinubu administration's efforts in ensuring ease of doing business in Nigeria.
He said, "The Renewed Hope Agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors".
The Vice President highlighted recent policy changes by the administration, saying, "Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms.
These decisions, while challenging in the short term, are designed to create a more stable and predictable business environment in the long run," he added.
Addressing the specific concerns of the oil and gas sector, the Vice President continued: "We are actively working on revising the fiscal framework for deep-water operations. Our goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people. The potential ExxonMobil investment is a clear indication that we are moving in the right direction.
"As we welcome ExxonMobil's renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress."
Earlier, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria @ExxonMobil_NG, Shane Harris, reaffirmed the company's commitment to investing in Nigeria.
"Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we're not retreating but refocusing our investments on deep-water opportunities," Harris said.
The centerpiece of ExxonMobil's new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.
"We're working closely with the President's office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible," Harris explained.
Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.
Meanwhile, the international maritime giant, DP World @DP_World, has announced plans to develop a multibillion-dollar port project in Nigeria.
Sultan Ahmed bin Sulayem, Group Chairman & CEO of DP World, revealed the company's intentions during a courtesy visit to Vice President Kashim Shettima on the sidelines of the ongoing United Nations General Assembly in New York.
The proposal comes as a direct response to President Tinubu's aggressive investment drive and efforts to improve the ease of doing business in the country.
Sulayem said, "Nigeria is a massive market with hugely underutilised potentials. The Nigerian market has the capacity to dominate this sector in Africa. It is a major African country with a huge asset and resource base.
"With our supply chain of over 2,500 points of sale to Nigeria, we will bring in the requisite capital, human and material resources needed to achieve this feat."
The DP World chief expressed confidence in the Nigerian economy, citing the country's vast import and export market as a key factor in their decision to invest.
Welcoming the initiative, Vice President Shettima said the "proposal is a testament to President Bola Ahmed Tinubu's avowed commitment to attracting foreign investments" to Nigeria.
He emphasised the administration's ongoing efforts to create a more investor-friendly environment.
"Nigeria is open to investors from around the world. We are witnessing a total rejuvenation in terms of economic policies aimed at freeing up the economy and making way for a free, fair, and enduring market," the VP stated.
Vice President Shettima @officialSKSM assured the investors of the government's full support and the administration's dedication to facilitating foreign investment and economic growth.
Others present at the meetings included the Minister of Industry, Trade, and Investment @TradeInvestNG, Doris Nkiruka Uzoka-Anite @DrDorisAnite; the Minister of Arts, Culture, and Creative Economy @FMACCE_Nigeria, Hannatu Musa Musawa @hanneymusawa; and the Minister of Youth Development, Dr. Jamila Ibrahim Bio @DrJamila_Bio, among many others.
Stanley Nkwocha Senior Special Assistant to The President on Media & Communications (Office of The Vice President) 26th September, 2024
President Tinubu: Africa's Role As Raw Minerals Supplier Solidifying Its Misery
*** Says extracting raw minerals without processing locally deepens continent's underdevelopment
President Bola Ahmed Tinubu @officialABAT on Wednesday cautioned against the dire consequences of Africa's long-standing profile as a supplier of raw minerals to countries of other continents.
Extracting raw minerals in Africa, he said, has continued to keep the continent in a state of poverty, making it even more underdeveloped.
The Nigerian leader made the observation while delivering his keynote address during the African Minerals Strategy Group (AMSG) meeting on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.
President Tinubu pointed out that while Africa holds a significant portion of the world's mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese, these resources have been primarily extracted and exported to foreign countries for refining and manufacturing.
Represented by his deputy, Vice President Kashim Shettima @officialSKSM, at the global event, the President highlighted the urgent need for the continent to break free from this dependency, stating that the extraction of raw minerals without local processing only deepens Africa's underdevelopment and prolongs its economic challenges.
In his address titled, "Africa's Natural Resources Shaping the Future", President Tinubu explained that this has left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.
"A situation in which the raw minerals are extracted from our countries, exported, refined, and sold to us as finished products merely consolidates the foundations of our misery and pushes us further down the depths of underdevelopment," he stated.
The Nigerian leader called on African nations to adopt a new agenda that prioritizes local value addition, which he sees as essential to industrializing the continent and providing sustainable economic growth.
On the evolution of lithium-ion technology, President Tinubu noted that the development has enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.
He continued: "We live in a world of electronic mobility in which lithium-powered batteries provide higher specific energy, higher energy density, higher energy efficiency, longer cycle life, and longer calendar life.
“The global need for new battery technology has triggered a new scramble for Africa’s critical minerals. Africa possesses 92 percent of global reserves of platinum, 56 per cent of Cobalt, 54 per cent of Manganese and 36 per cent of Chromium. These are the minerals employed in the manufacturing of the new batteries. In short, the world needs Africa today more than ever".
President Tinubu further emphasised Africa's determination to move beyond the historical exploitation of its resources, advocating the localization of the entire mineral value chain within the continent.
President Tinubu also assured of his administration’s commitment to adding local value to Nigeria’s mineral resources as part of the Africa Minerals Strategy Group's (AMSG) @africaminerals_ vision chaired by Nigeria's Minister of Solid Minerals Development, Mr. Dele Alake.
The President, who drew attention to Nigeria’s vast market of over 226 million people, said the success of the country's $10 billion telecoms market is proof of its growth potential “in the manufacturing of Lithium batteries, concentrates and components to set up their business and domesticate the value chain from extraction to production in Nigeria."
He affirmed that the AMSG is focused on transforming Africa from a supplier of raw materials into a global mining industry stakeholder.
On his part, Nigeria's Minister of Solid Minerals, Dele Alake @AlakeDele, who also spoke at the event in his capacity as the Chairman of the Africa Minerals Strategy Group, laid out the group’s vision to transform Africa’s mining industry through local value addition and industrialization.
In his remarks, the minister criticised the traditional model of mineral extraction in Africa where raw materials are exported for processing abroad, resulting in lost economic opportunities and jobs on the continent.
He maintained that this pattern of trade has left African nations vulnerable, as they are forced to import finished goods at inflated prices.
The Minister also proposed a shift towards local value addition—processing raw minerals into finished goods within Africa—as a strategy for enhancing the continent's economic independence and contributing more significantly to its GDP.
"We are moving from commercialisation to industrialisation. By processing and manufacturing raw minerals into finished goods, we can increase employment, reduce our reliance on imports, and ultimately raise the contribution of the solid minerals sector to our GDP," Alake said.
He acknowledged that although the continent faces significant developmental challenges, Africa's natural wealth provides a pathway to prosperity if leveraged correctly.
While setting the mood for the important conversation on how Africa's natural resources should benefit the people, reduce poverty and create wealth for the people of the continent, General Secretary of AMSG, Mr. Moses Michael Engadu, called for a new vision and political will among African leaders to ensure value addition becomes a sacrosanct condition to granting mineral license to any investor.
The roundtable had representatives from investors, development partners, multilateral institutions and major financial institutions in attendance.
Stanley Nkwocha Senior Special Assistant to The President on Media & Communications (Office of The Vice President) 25th September, 2024
In Nigeria's National Statement at 79th Session of UNGA: President Bola Tinubu urges World Leaders to deepen ties among member states
Insists on permanent seat for Nigeria, other African nations at UN Security Council Calls for collective action against hunger, terrorism, climate change, others Seeks renewed financial architecture, debt forgiveness for developing countries Says pursuit of individual national priorities undermining resolutions of global challenges
IN NIGERIA'S NATIONAL STATEMENT AT 79TH SESSION OF UNGA: President Tinubu Urges World Leaders To Deepen Ties Among Member States
* Insists on permanent seat for Nigeria, other African nations at UN Security Council
* Calls for collective action against hunger, terrorism, climate change, others
* Seeks renewed financial architecture, debt forgiveness for developing countries
* Says pursuit of individual national priorities undermining resolutions of global challenges
President @officialABAT has called on world leaders to recommit themselves to multilateralism by deepening relations among member states of the United Nations (@UN) in line with the principles of inclusivity, equality and cooperation.
This, he said, is the surest guarantee of global action against existential challenges faced by the international community.
President @officialABAT who is the Chairman of the Authority of Heads of States and Government of the Economic Community of West African States (@ecowas_cedeao) made the call while addressing world leaders during the General Debate of the ongoing 79th Session of the United Nations General Assembly (#UNGA79) at the UN headquarters in New York, United States.
Represented by his deputy, Vice President @KashimSM, at the high-level annual global event, the President decried the steep descent to singularity and nationalism which, according to him, are undermining the quest for peaceful and collective resolution of global challenges such as terrorism, climate change, poverty, food crises, hyper-inflation, nuclear proliferation and grinding debt burden, among others.
The Nigerian leader reminded the world leaders that the United Nations stands for multilateralism which represents inclusiveness, anchored on the tripod of peace, sustainable development and human rights.
He expressed worry about the main objectives of the UN and how it could sustain the global body's relevance and resilience, noting that the pillars of the organisation are at risk of being broken against the principles of inclusivity, equality and cooperation which it stands for.
President @officialABAT stated: "Today, these pillars of our organisation are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today.
"While commitment to multilateralism offers us the surest guarantee of global action to address the existential challenges we face, singularity and nationalism are undermining the aspirations towards the peaceful and collective resolution of such challenges.
"From last year's summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations.
"The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict."
Not satisfied, the President reaffirmed what he termed "Nigeria’s steadfast commitment to the deepening of multilateralism," just as it did 65 years ago when it "joined the United Nations as the 99th Member-State.
"We remain committed to that “desire to remain friendly with all nations and participate actively in the works of the United Nations”, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa."
President @officialABAT also lamented what he described as the return of unconstitutional changes of government and forceful military coups in some African countries, saying these coups attest to how fragile democracy could become when it is not supported by economic development and sustained peace and security.
Stanley Nkwocha @stanleynkwocha_
PHOTOS 📸: #UNGA79
President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, addressed world leaders at the 79th Session of the United Nations General Assembly in New York.
In Nigeria's national statement, President Tinubu called for stronger multilateral ties among UN member states to address global challenges. He advocated for a permanent seat for Nigeria and other African nations on the UN Security Council and also called for collective action against issues such as hunger, terrorism, and climate change.
The President sought reforms in the international financial architecture and debt forgiveness for developing countries, emphasizing how the pursuit of individual national interests hinders global problem-solving efforts.
Cmanforall: This man has hijacked the protest as his
naptu2: The Take It Back Movement is one of Omoyele Sowore's movements. He is organising this protest to mark the 5th anniversary of his Revolution Now protest.
naptu2: Every administration seems to have at least one of this kind of person.
The claim that Peter Obi is behind the protest is false.
Yes, Obidients might be planning to capitalise on the protest, but they are not at the core of the planned protest.
This protest is being organised by Omoyele Sowore.
He is planning it to mark the 5th anniversary of his previous protest. In 2019 Sowore called for a Revolution and began the "Revolution Now" movement. That's why the Buhari Administration arrested him, because it said that calling for a revolution is treasonous.
Omoyele Sowore planned to begin the protest from the National Stadium. I believe that he had previously planned to use other venues, but the owners turned him down when they discovered what he wanted to use it for. The National Stadium, Surulere initially agreeed to host the event, but they also cancelled it when they discovered what he wanted to do.
Eventually Sowore decided to hold it under the bridge outside the National Stadium. However, the police broke up the protest, fired teargas and arrested some people (some groups had already pulled out of the protest before the D-day).
Sowore Snubs Bishop Kukah Centre’s National Peace Committee Invitation To Town Hall Meeting On #EndBadGovernance, Gives Reasons
September 25, 2024
The meeting aimed to address the concerns of #EndBadGovernanceInNigeria protesters.
Omoyele Sowore, a human rights activist and convener of the #RevolutionNow movement, has declined an invitation from the National Peace Committee (NPC) of Bishop Kukah Centre to participate in a town hall meeting.
The meeting aimed to address the concerns of #EndBadGovernanceInNigeria protesters.
The NPC is a non-governmental initiative conceptualized in 2014 in response to emerging threats occasioned by the 2015 general elections.
According to its website, it is an “initiative made up of eminent elder statesmen who undertake efforts to support free, fair and credible elections as well as intervene in critical issues of national concern through high-level mediated and alternative dispute resolution mechanisms”.
Bishop Matthew Hassan Kukah is the Convener of the NPC while General Abdusalami Abubakar (retd.) is the Chairman.
The Centre had in an invitation letter dated September 22, 2024, and signed by its Chairman, Abubakar, invited Sowore to a 1-Day Town Hall Meeting in Abuja on Thursday, September 26, to participate in an interactive session to discuss the issues highlighted during the August 1-10 nationwide #EndBadGovernanceInNigeria protests.
According to the invitation, the town hall meeting will hold a few days to October 1, which has been scheduled for the commencement of the second phase of the nationwide protests against hunger, hardship and bad governance under President Bola Tinubu’s administration, captioned #FearlessInOctober.
With several protesters still held in various detention and prison facilities across the country, the NPC claimed, just like the Nigerian government, that some of the protesters were calling for a return to military rule.
The letter reads, “The nationwide "End Bad Governance" protests from the 1st to 10th of August 2024 reinforced the clamour of Nigerians for a credible electoral process that facilitates the emergence of leaders of integrity with the vision and the determination to resolve the Nation's lingering socio-economic and political problems.
“Most worrying is the fact that some of the protesters were calling for a return to military rule. This signifies a failure of our democratic institutions to provide the dividends they promised since 1999.
“The current realities of violent conflicts and the increased economic hardship have exacerbated food insecurity and hunger across the land.
“This is made worse by the fact that most Nigerians are largely within the informal sector of the economy with a substantial population that lacks the technical skills and knowledge to participate in a modern economy.
“The protesters made a 10-point demand on the government: end hunger; address the cost of living; curb insecurity; reduce the cost of governance; obey Ecowas judgment on #endsars; provide security for farmers; declare a state of emergency on education; implement Justice Uwais Report on Electoral Reform; establish a living wage and amend the constitution to allow for referendums.
“With the Committee's mandate to focus on national mediation, intervening in matters that impact on the peace and stability of Nigeria, we believe it is critical to engage with a spectrum of stakeholders, to explore the pathways for sustainable solutions. It is in this context that the Committee is organising a 1-Day Town Hall Meeting.
“Consequently, I am pleased to invite you to participate in this interactive session, which will provide a platform for frank and impactful discussions on the issues highlighted during the protests.
“The NPC is committed to collating the concerns and recommendations, in order to engage with the government.”
However, Sowore disclosed that he turned down the invitation due to significant concerns.
Sowore's primary reasons for rejecting the invitation include the committee's inaccurate claim that there are only 10 demands from the protesters, when in fact, their demands have escalated from 15 to 17.
Additionally, Sowore pointed out that the 'Peace Committee' mainly invited political parties, most of which didn't participate in the #EndBadGovernance protests, rendering their representation insignificant.
In a post on his X account on Wednesday, September 25, 2024, Sowore wrote, “Last night, I received an invitation from the @KukahCentre indicating that the National Peace Committee intends to convene a town hall meeting in Abuja to address the #EndBadGovernanceInNigeria protesters' grievances.
“However, two key issues arise: firstly, the committee inaccurately stated that there are 10 demands, whereas our actual demands have increased from 15 to 17.
“Secondly, the 'Peace Committee' primarily extends invitations to political parties, most of which did not participate in the protests, rendering their representation inconsequential.
“Moreover, the Tinubu @officialABAT regime constitutes the main impediment to peace in Nigeria, a case in point is its recent conduct in Edo state #EdoDecides2024, therefore no meaningful mediation can occur while innocent protesters remain incarcerated and our demands including the fundamental overhaul of our electoral systems remain unaddressed amongst others.”
Last night, I received an invitation from the @KukahCentre indicating that the National Peace Committee intends to convene a town hall meeting in Abuja to address the #EndBadGovernanceInNigeria protesters' grievances.
However, two key issues arise: firstly, the committee inaccurately stated that there are 10 demands, whereas our actual demands have increased from 15 to 17.
Secondly, the 'Peace Committee' primarily extends invitations to political parties, most of which did not participate in the protests, rendering their representation inconsequential.
Moreover, the Tinubu @officialABAT regime constitutes the main impediment to peace in Nigeria, a case in point is its recent conduct in Edo state #EdoDecides2024, therefore no meaningful mediation can occur while innocent protesters remain incarcerated and our demands including the fundamental overhaul of our electoral systems remain unaddressed amongst others.
#EndBadGovernanceInNigeria #FearlessInOctober
Photo 1 and 2: Invitation letter from the National Peace Committee.
Photo 3: List of demands from Take It Back Movement (Sowore's movement) for the October protests.
That 1984 music video of "Your Body" led by Marlon Jackson brings back fantastic memories... Memories of the iconic 1984 Los Angeles Summer Olympic Games and those jerry-curled male athletes of the U.S.-based Nigerian and African-American descent and much more. The early 1980s leading into the late 1980s was a period of rapid, creative technological and social evolutions and the "Star Wars" program initiated by former President Ronald Reagan of the United States.
Fearless In October is around the corner! #Nogoingback
#FearlessInOctober Protests: Take-It-Back Movement Unveils Time, Convergence Points For Protesters In Lagos, Rivers, Kwara, Others
September 24, 2024
The nationwide protests aim to highlight the pressing issues of hunger and economic hardship, and draw the attention of President Bola Tinubu’s administration to the plight of Nigerians as a result of its policies.
The organisers of the #FearlessInOctober protests have released the time and convergence venues for the event, scheduled to commence on October 1, 2024 until the demands of the protesters are answered.
The nationwide protests aim to highlight the pressing issues of hunger and economic hardship, and draw the attention of President Bola Tinubu’s administration to the plight of Nigerians as a result of its policies.
Take It Back Movement in a post on its social media handle on Tuesday stated that Lagos State protesters are to gather at Ikeja Under Bridge at 7:30 am. The convergence point for protesters in Rivers State was identified as Pleasure Park, Port Harcourt, with participants asked to assemble by 7:30 am.
Borno State’s protesters will converge at the Arewa Youth For Peace Office, located on Damaturu Road, with a starting time of 8:00 am. In Yobe State, the venue is Damaturu Main Roundabout, opposite the Old Motor Park to Maiduguri Road, and protesters are expected arrive by 8:00 am.
The location for Kwara state is Ilorin Post Office Under-bridge and protesters are expected to be there by 8:00 am.
The #FearlessInOctober protest seeks to mobilise citizens to demand better governance and urgent action from the government to address widespread issues affecting the populace.
The organisers have urged all Nigerians to join the movement in pursuit of a more accountable and responsive leadership.
Politics › Re: Full Video And Text Of Kashim Shettima's Speech At UNGA 2024 by naptu2(op): 6:30am On Sep 26, 2024
