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.
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, Wael Sawan, President Tinubu said the incentives are disciplined, targeted, and globally competitive, and are designed to attract 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 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 said the Bonga South West project is strategic to Nigeria’s economy, noting that it has the 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, while supporting skills transfer and capacity building across the sector.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, stating that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.
He further disclosed that Shell and its partners have invested nearly US$7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI, describing the investments as a clear sign that Nigeria’s economic and energy-sector reforms are delivering results.
In his remarks, Mr. Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration and added that Shell is increasingly confident in Nigeria as a destination for long-term investment. The meeting was held there.
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