Shettima made the remarks on Friday in Victoria Island, Lagos, while commissioning the new corporate headquarters of Northwest Petroleum and Gas Company Limited.

According to the Vice President, the reforms have addressed economic distortions that previously discouraged productive investment and made it difficult for businesses to plan for the long term.

He said greater stability in the market and improved exchange-rate predictability were giving businesses more confidence to commit capital beyond short-term planning.

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

He acknowledged the economic pressures associated with the reforms, but said the Federal Government’s responsibility was to ensure that economic progress translated into improved living conditions for Nigerians.

The Vice President also described the new Northwest Petroleum headquarters as an indication of the capacity of indigenous companies to expand and compete within a changing global energy industry.

Northwest Petroleum, which began operations in 1998, has interests across petroleum products marketing, storage, distribution and other areas of the oil and gas value chain.

Shettima said private businesses remained critical to converting investment into jobs, skills development and wider economic opportunities, noting that prosperity could not be achieved through government policy alone.

He urged the company to use its expanded operations to generate opportunities for suppliers, transporters, maintenance providers and other businesses within its host community.

Lagos State Governor Babajide Sanwo-Olu, who also spoke at the event, described private-sector investment as a major driver of economic growth and assured investors of the state government’s continued support.

Northwest Petroleum founder and Chief Executive Officer, Winifred Akpani, said the new headquarters reflected the company’s long-term commitment to Nigeria and its plans to build a modern indigenous energy company.

She identified innovation, technology, responsible investment, partnerships and Nigerian talent as key factors that would shape the future of the energy industry.

The Federal Government has similarly linked foreign exchange reforms and petrol subsidy removal to improved market stability and a more predictable environment for investment, while acknowledging that the reforms have involved significant economic adjustments.

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