The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, on Thursday disclosed that President Bola Tinubu’s investment-friendly reforms and executive orders are already unlocking significant capital inflows into Nigeria’s oil and gas sector, with Shell alone investing more than $7 billion in the past 18 months.

Ojulari disclosed this to newsmen after a meeting between President Tinubu and a Shell delegation led by the company’s global chairman, Wael Sawan, at the Presidential Villa, Abuja, describing the visit as the first by Shell’s topmost global leadership to the President.

According to him, the delegation visited primarily to thank the President for the executive orders issued early last year, which introduced targeted incentives to attract fresh investment into Nigeria’s energy sector following the implementation of the Petroleum Industry Act (PIA).

He explained that although the PIA laid a strong foundation for sectoral reforms, intense global competition for capital made it imperative for Nigeria to remain flexible and competitive.

“Investment today is global and highly competitive,” Ojulari said. “Countries across Africa, Guyana, and the Far East are constantly adjusting their policies to attract capital. One of the key things Mr. President did was to introduce executive orders that provided additional incentives to position Nigeria competitively.”

Ojulari noted that the reforms have already delivered concrete results, citing Shell’s successful completion of its onshore joint venture divestment, which saw the assets transferred to Renaissance.

“That transaction sent a powerful signal to the international investment community,” he said. “It demonstrated the President’s commitment not only to attracting investment but also to allowing investors to exit when necessary, recognising the dynamic nature of global capital flows.”

Following the divestment, Shell took a Final Investment Decision (FID) of about $5 billion on the Bonga North deepwater project, and later committed an additional $2 billion to a shallow-water gas development project known as Bonga HI.

“In total, just one company, Shell, has invested over $7 billion since these incentives were announced,” Ojulari said. “You can imagine the impact if this level of confidence is replicated across the entire sector.”

He said the scale of the investments reflects renewed confidence in Nigeria’s economy and energy reforms, adding that President Tinubu has reaffirmed his readiness to continue reviewing policies to ensure Nigeria’s oil and gas investment environment remains dynamic and attractive.

Ojulari further revealed that Shell has now signalled its readiness to pursue additional investment opportunities valued at up to $20 billion over the next few years, driven largely by confidence in the President’s leadership, transparency, and commitment to reform.

“It is not just about what the President says,” he added. “It is about what investors can see and feel in terms of transparency, consistency, and follow-through.”

He said discussions also focused on Shell’s next major project, the proposed Bonga South West development, which is estimated to require capital expenditure of nearly $10 billion, in addition to substantial operating costs over the life of the project.

According to Ojulari, the project would deliver far-reaching economic benefits, including large-scale job creation and the revival of local fabrication yards that have remained idle for years due to the absence of major projects.

“These projects mean jobs during construction and sustained employment for 20 to 30 years,” he said.

“They translate into opportunities for Nigerians in fabrication, logistics, maintenance, and materials supply. Fabrication yards that have been dormant for years will come back to life.”

He stressed that beyond the construction phase, the operating expenditure associated with such projects would support long-term employment and deepen local participation across the value chain.

Describing the visit as significant, Ojulari said it underscored Shell’s seriousness that its global chairman personally came to make commitments directly to the President.

On NNPCL’s role, Ojulari said the company, as a concession holder under Nigeria’s production-sharing contracts with international oil companies such as Shell, Chevron, ExxonMobil, and Total, would continue to work closely with investors and relevant government institutions to develop credible proposals for approval.

“Our responsibility is to be the conscience of government and of Nigerians,” he said. “We must ensure that the assumptions and promises made are realistic, authentic, and capable of delivering real value.”

He expressed optimism that with sustained engagement and presidential backing, the Final Investment Decision on the Bonga South West project would be achieved in due course.

Ojulari said the meeting reaffirmed Shell’s appreciation of President Tinubu’s ambition, transparency, and commitment to improving Nigeria’s investment climate, as well as the company’s resolve to deepen its long-term investment footprint in the country.