January 22, (THEWILL) — President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to accelerate Shell’s proposed Bonga South West deep-offshore oil project, a move aimed at creating thousands of jobs and boosting Nigeria’s foreign exchange inflows.
The President also 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, Mr Wael Sawan, at the Presidential Villa, Abuja, Tinubu said the incentives were disciplined, ring-fenced, and globally competitive, stressing that they were designed to attract new capital without undermining government revenues.
“These incentives are not blanket concessions. They are investment-linked and focused on incremental production, strong local content delivery, and in-country value addition”, the President said, adding that the Bonga South West project must reach a Final Investment Decision within the first term of his administration.
Tinubu described the project as strategic to Nigeria’s economy, noting that it would generate thousands of direct and indirect jobs, deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services, while delivering sustained revenues to the government over its lifespan.
He reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, which he said were critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
The President also disclosed that Shell and its partners have invested nearly $7 billion in Nigeria in the past 13 months, particularly in the Bonga North and HI projects, describing the investments as clear evidence that ongoing economic and energy-sector reforms are yielding results.
In his remarks, Sawan said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that Shell is increasingly confident in the country as a destination for long-term investment.
Senior executives from Shell’s global and Nigerian leadership were present at the meeting.
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