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.
The approval was granted on Thursday during a meeting between the President and a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, at the State House in Abuja.
According to a statement issued by the President’s Special Adviser on Media and Public Communication, Sunday Dare, Tinubu directed his Special Adviser on Energy, Mrs. Olu Verheijen, to ensure the incentives are gazetted in line with Nigeria’s existing legal and fiscal frameworks.
Tinubu said the incentives are structured to attract fresh investment while protecting government revenues.
“These incentives are not blanket concessions,” the President said. “They are disciplined, targeted, and investment-linked, focused on new capital, incremental production, strong local content delivery, and in-country value addition.”
Final Investment Decision Target
The President stressed that the Bonga South West project is a strategic priority for his administration, stating that it must reach a Final Investment Decision (FID) within his first term.
“My expectation is clear: Bonga South West must reach Final Investment Decision within the first term of this administration,” Tinubu said.
He noted that the project has the potential to create thousands of direct and indirect jobs, generate substantial foreign-exchange inflows, and deliver sustained revenue to the government over its operational lifespan.
Tinubu also highlighted the project’s capacity to deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
Reaffirming Policy Stability
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speedy implementation, describing them as essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He disclosed that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the investments as evidence that ongoing economic and energy-sector reforms are yielding results.
Shell Expresses Confidence
In his remarks, Shell CEO Wael Sawan commended the improved investment climate in Nigeria, noting that the company is increasingly confident in the country as a destination for long-term energy investments.
Members of the delegation included senior executives from Shell’s global and Nigerian leadership teams.
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