President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell and its partners.
A statement by the President’s Special Adviser on Media and Public Communication, Sunday Dare, on Thursday, noted that President Tinubu has also directed his Special Adviser on Energy, Olu Verheijen, to facilitate the gazette of these incentives in line with Nigeria’s legal and fiscal frameworks.
Receiving a Shell delegation led by Global CEO Wael Sawan, President Tinubu described the incentives as disciplined, targeted, and globally competitive, aimed at attracting new capital without undermining 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 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 highlighted the project’s strategic importance 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. He further emphasised that it would deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
Reaffirming his administration’s commitment to policy stability, regulatory certainty, and operational speed, the President stated that these reforms are crucial to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.
He also praised Shell and its partners for investing nearly US$7 billion in Nigeria over the past 13 months, particularly in Bonga North and HI, describing it as a strong indicator that Nigeria’s economic and energy reforms are yielding results.
In response, Sawan said Nigeria’s investment climate has improved markedly under the Tinubu administration, expressing confidence in the country as a destination for long-term energy investment.
The Shell delegation included senior executives from both Shell’s global and Nigerian leadership teams.
