President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South West deep-offshore oil project and its partners.
The President directed his Special Adviser on Energy, Mrs. Olu Verheijen, to ensure the incentives are formalized in accordance with Nigeria’s legal and fiscal frameworks.
Receiving Shell’s delegation, led by Global CEO Wael Sawan, President Tinubu described the incentives as disciplined, focused, and globally competitive, aimed at attracting new capital while safeguarding government revenues.
“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content, and in-country value addition. My expectation is clear: Bonga South West must reach a Final Investment Decision within my first term.”
President Tinubu highlighted the strategic importance of the project for Nigeria’s economy, noting its potential to create thousands of direct and indirect jobs, generate substantial foreign exchange, and provide long-term government revenues. He also stressed that it would deepen local participation in offshore engineering, fabrication, logistics, and energy services.
Reaffirming his administration’s commitment to policy stability, regulatory certainty, and efficiency, the President said these reforms are crucial to restoring investor confidence and positioning Nigeria as a top destination for major energy investments.
He further noted that Shell and its partners have invested nearly US$7 billion in Nigeria over the past 13 months, especially in Bonga North and HI, demonstrating the impact of the government’s economic and energy-sector reforms.
In response, Mr. Sawan praised Nigeria’s improved investment climate under the Tinubu administration and expressed growing confidence in the country as a destination for long-term investment.
The Shell delegation included senior executives from both its global and Nigerian leadership teams.
