Chief Executive of Shell Plc, Mr Wael Sawan, has praised President Bola Tinubu’s leadership for creating a healthy climate for investments to thrive and restoring investor confidence.

A statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga, noted that at a meeting with President Tinubu at the Presidential Villa, Sawan said Shell was deepening and expanding its investments in Nigeria and the company was ready alongside its partners to invest an additional $20 billion, primarily because of the robust and bold leadership of the President.

According to him, Nigeria, under the Tinubu administration, is one of the countries attracting significant investment from global oil companies.

Highlighting Shell’s recent investments, such as $5 billion in Bonga North, $2 billion in HI, and the gas project to NLNG, Sawan stated that the corporation was committed to long-term investments in the country, underscoring the stable economic environment.

“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case. Your leadership and your vision have created an investment climate over the last few years that, I will be very honest with you, propelled us to invest, in particular, also as we compare to other investments around the world,” he said.

Speaking on the expansion of Shell’s investments in Nigeria, Sawan said the corporation had also deepened its interest in Block OML 118, the Bonga Block.

“Total Energies was selling, so we bought it because we want to deepen further. But that, we think, is not enough. We think there is more to invest here, and we understand the vision that you have for the country. And so we are indeed working on a project, Bonga Southwest, that could, if we reach an FID stage, see us, with our partners, invest around $20 billion in foreign direct investment, half of which will be capital. The other half will be the operating expenses and the like that will come into the country,” he said.