Connect with us

Business

ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

Published

on

Spread the love

ExxonMobil has announced plans to invest $10 billion in Nigeria’s deep-water oil operations.

Ekwutosblog reports that chairman and managing director of ExxonMobil Affiliates in Nigeria, Shane Harris made the announcement on Wednesday during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the ongoing 79th session of United Nations General Assembly (UNGA) in New York.

The MD in a statement released by Stanley Nkwocha, senior special assistant to the president on media and communications, reaffirmed the company’s commitment to investing in Nigeria.
He said, “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 revealed that the company is working closely with President Bola Ahmed Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.

He said, “The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.”
“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.”
According to the Vice President; the investment is a testament to the administration’s economic reforms and investment-friendly policies.

He said, “This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria.”

“We are committed to creating an enabling environment for such transformative projects.”
“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.”

Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidies, and implementing tax reforms.
He noted that though the decisions have short-term challenges, they are designed to create a stable and predictable business environment.

Speaking on the oil and gas sector, the the VP said the government is actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.

He said, “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.”

 

Business

Breaking News: Nigerian Youngest Billionaire, B-Lord, Pioneers Electric Taxi Revolution in Nigeria

Published

on

Spread the love

 

In a groundbreaking move for Nigeria’s transport and energy sectors, Nigeria’s youngest billionaire and business mogul, B-Lord, has launched an electric car taxi service, marking a significant step toward sustainable mobility in the country. The initiative is set to commence operations in Anambra State.

In an exclusive statement, B-Lord disclosed that over five containers filled with fully electric city cars are currently en route to Nigeria from China. The vehicles are expected to revolutionize public transport by providing an eco-friendly, cost-efficient, and modern alternative for commuters.

To support this venture, several charging station terminals are already under construction across Anambra State. These charging hubs aim to ensure a seamless experience for the upcoming fleet of electric vehicles, setting the foundation for a robust, sustainable infrastructure.

“This initiative is not just about transportation; it’s about boosting economic growth, creating jobs, and setting Nigeria on the global map of innovation and sustainability,” said B-Lord.

The electric taxi project is poised to enhance the state’s economy by generating employment, reducing carbon emissions, and modernizing the transportation sector. Experts believe this move will ripple across other states, driving further investment in green technology in Nigeria.

As Nigeria takes its first steps into the electric vehicle era, B-Lord’s vision is a testament to the power of entrepreneurship and innovation in shaping a better future for the nation.

Stay tuned for more updates as this transformative project unfolds!

Continue Reading

Business

World Pizza Day: How an Italian food favourite conquered the world

Published

on

Pizza Margherita © Liz Hafalia/San Francisco Chronicle
Spread the love

17 January marks World Pizza Day, a celebration of a dish with more than 2,000 years of history. From Neapolitan and Roman styles to Margherita, diavola, and even potato-topped variations, there are few places left in the world which don’t honour this iconic culinary tradition.

In 2017, UNESCO recognised “the art of Neapolitan pizza makers” as an Intangible Cultural Heritage of Humanity, highlighting its cultural significance on a global scale.

As for the date, it wasn’t chosen randomly: 17 January coincides with the feast of St. Anthony Abbot, the patron saint of fire and related trades, including machinists, blacksmiths, and, fittingly, pizza makers.

Where is pizza eaten the most in the world? And in Europe?

In Italy, four out of ten families are expected to prepare pizza at home in 2025, according to data from Coldiretti-Ixé. Meanwhile, global pizza turnover in 2024 is projected to reach a record €160 billion, with Italy contributing €15 billion to this figure.

Pizza is a major economic driver in Italy, generating 100,000 jobs nationwide – a number that doubles to 200,000 on weekends. Each year, Italy produces 2.7 billion pizzas, equating to about 46 pizzas per person annually, a figure that includes all age groups, from infants to the elderly.

Italians’ preferences differ significantly from those of the global market. According to Coldiretti, Italians prioritize higher-quality ingredients and are willing to pay a premium for them.

Interestingly, while pizza is an Italian staple, the world’s largest per capita consumers are Americans, who eat an average of 13 kilograms of pizza per year.

In Europe, on the other hand, Italy is in first place with 7.8 kilos per year, followed by Spain’s 4.3kg, and France and Germany’s 4.2kg and in fifth position the United Kingdom with 4kg.

The rise of food delivery has significantly boosted this already thriving sector: some apps speak of ‘an order every two seconds’. Others point to year-on-year growth in turnover of 20 per cent between 2024 and 2025.

The most and least popular pizzas in the world

According to data from the food web portal TasteAtlas, the Margherita reigns as the most popular pizza in the world, followed by the Montanara and calzones. In sixth place is American-style pizza topped with cheese, vegetables, and tomato sauce. Following that is pepperoni pizza (where ‘pepperoni’ in the US refers to a type of salami) and the iconic ‘New York-style’ pizza, before circling back to fried pizza.

In last place is an Italian pizza: the ‘Mimosa pizza,’ topped with corn and cooked ham. Just above it are the Cuban pizza, the Scottish fried pizza, the Quad City-style pizza (a grilled variation popular in the US), and Canada’s unique pizza-ghetti, which features spaghetti as an additional topping.

How much does pizza cost in Italy?

Pizza has always been a popular dish in the Bel Paese, and this has never changed. On the other hand, inflation and the push for higher quality ingredients have increased the price in Italy and across Europe.

A survey by Altroconsumo calculated the average cost of a pizza, a soft drink, and service in various Italian cities. Sassari tops the list as the most expensive city (€14.67), followed by Bolzano, Milan, and Venice. On the more affordable end are Livorno (€8.67), Pescara (€9.18), Naples (€9.63), and Bari (€9.63).

Whatever pizza you love, with or without pineapple, happy World Pizza day.

Continue Reading

Business

Petrol price increases nationwide

Published

on

Spread the love

 

Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.

This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.

Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).

Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.

Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.

Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.

Private depots in Lagos and Calabar have also adjusted their loading costs.

For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.

Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.

Marketers predict that prices will continue to rise due to the global increase in crude oil costs.

With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.

Experts warn that this trend will significantly impact consumers and businesses across the country.

Continue Reading

Trending