President Bola Ahmed Tinubu has approved special incentives to support Shell’s proposed Bonga South West deep-offshore oil project and other similar projects.
The announcement was made public on Thursday in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga,
The President also directed his Special Adviser on Energy, Mrs. Olu Verheijen, to ensure the incentives are officially gazetted in line with Nigeria’s laws and fiscal rules.
Receiving a delegation from Shell led by its Global Chief Executive Officer, Wael Sawan, President Tinubu stated the incentives are carefully designed to attract new investments without reducing government revenue.
“These incentives are not general concessions. They are strictly tied to new investments and higher oil production, strong local content, and value addition within Nigeria,” Tinubu said.
He added that his administration expects the Bonga South West project to reach a Final Investment Decision within its first term.
“My expectation is clear: Bonga South West must reach a Final Investment Decision during the first term of this administration,” the President said.
Tinubu emphasized the importance of the project to Nigeria’s economy, noting that it can create thousands of jobs, bring in foreign exchange, and provide steady revenue for government.
“The project has the capacity to create thousands of direct and indirect jobs, generate foreign exchange, and provide sustained revenue for government,” he said.
The President assured investors of stable policies, clear regulations, and faster approvals.
“We are committed to policy stability, regulatory certainty, and speed. These reforms are necessary to restore investor confidence and position Nigeria as a preferred destination for large energy investments,” Tinubu said.
He also revealed that Shell and its partners have invested nearly seven billion dollars in Nigeria in the past 13 months, especially in the Bonga North and HI projects.
“This level of investment shows that our economic and energy-sector reforms are already producing results,” he said.
In his remarks, Sawan noted that Nigeria’s investment climate has improved under the Tinubu administration.
“Nigeria’s investment environment has improved remarkably, and Shell is increasingly confident in Nigeria as a destination for long-term investment,” Sawan said.
Senior executives from Shell’s global and Nigerian offices were part of the delegation, highlighting the company’s strong interest in Nigeria’s energy sector and its commitment to deepening long-term investment and partnership with the Federal Government.