President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South West deep-offshore oil project and other similar developments, in a move aimed at unlocking jobs, boosting foreign-exchange inflows and strengthening investor confidence.
The President directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
Receiving a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, President Tinubu said the incentives are disciplined, targeted and globally competitive, stressing that they are designed to attract new capital without eroding government revenues.
“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition. My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”
President Tinubu described the Bonga South West project as strategic to Nigeria’s economy, noting its potential to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows and deliver sustained government revenues over the life of the project. He added that the development would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty and speed, saying these reforms are essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He also disclosed that Shell and its partners have invested nearly US$7 billion in Nigeria over the past 13 months, particularly in Bonga North and HI projects, describing the investments as evidence that ongoing economic and energy-sector reforms are yielding results.
In his remarks, Shell CEO Wael Sawan said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that the company is increasingly confident in Nigeria as a destination for long-term energy investment.
The Shell delegation included senior executives from the company’s global and Nigerian leadership.