President Bola 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, as part of broader efforts to stimulate job creation, attract foreign exchange inflows, and boost oil and gas investment.

The President also directed the Special Adviser to the President on Energy, Olu Verheijen, to ensure the prompt gazetting of the incentives in line with Nigeria’s existing legal, regulatory, and fiscal frameworks.

Receiving a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, President Tinubu said the incentives were carefully designed to be disciplined, targeted, and globally competitive, aimed at attracting fresh capital without eroding government revenues.

“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused strictly on new capital and incremental production, strong local content delivery, and in-country value addition.”

He added that the Federal Government expects the Bonga South West project to reach Final Investment Decision (FID) within the first term of his administration, underscoring its importance to Nigeria’s economic recovery and medium-term growth strategy.

President Tinubu described Bonga South West as a strategic project with the potential to generate thousands of direct and indirect jobs, unlock substantial foreign-exchange inflows, and deliver sustained revenues to government over the project’s lifespan.

He noted that the development would also deepen Nigerian participation across the offshore energy value chain, including engineering, fabrication, logistics, and related energy services.

Reaffirming his administration’s reform agenda, the President pledged continued policy stability, regulatory certainty, and speed in government decision-making, stressing that these pillars are essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.

He further disclosed that Shell and its partners have invested close to $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and Bonga Hi projects, describing the scale of investment as a clear indication that Nigeria’s economic and energy-sector reforms are yielding tangible results.

In his remarks, Sawan said Nigeria’s investment climate has improved markedly under the Tinubu administration, adding that Shell is increasingly confident in the country as a destination for long-term, capital-intensive energy investments.

According to him, the clarity around fiscal terms, policy direction, and government engagement has strengthened Shell’s willingness to advance major offshore projects that can deliver shared value for investors, government, and the Nigerian economy.

Sunday Dare, Special Adviser to the President on Media and Public Communication, in a statement on Thursday, explained that members of the Shell delegation included senior executives from the company’s global and Nigerian leadership.