President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project, insisting that the project must reach a Final Investment Decision (FID) within the first term of his administration.

Speaking at a meeting with the leadership of Shell Plc at the Presidential Villa, Abuja, the President said the incentives were designed to attract fresh capital, boost incremental production, strengthen local content, and deepen in-country value addition.
“These incentives are not blanket concessions,” President Tinubu said. “They are ring-fenced and investment-linked, focused on new capital, 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.”

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

Responding, the Chief Executive Officer of Shell Plc, Mr Wael Sawan, applauded President Tinubu’s leadership and vision, describing them as central to restoring investor confidence and repositioning Nigeria as a top destination for global energy investments.

“We have really been in a space where we are very keen to invest in Nigeria. But this has not always been the case,” Sawan said.
“Your leadership and your vision have created an investment climate over the last few years that has propelled us to invest, especially when compared with other investment destinations globally.”
He noted that Shell is committed to long-term investments spanning several decades, stressing that stability has become a premium consideration for multinational corporations.

Highlighting recent commitments, Sawan cited Shell’s $5 billion investment in Bonga North, $2 billion in HI, and ongoing gas investments linked to Nigeria LNG as evidence of the company’s renewed confidence in the Nigerian economy.
On asset expansion, he said Shell recently deepened its interest in OML 118 (Bonga Block) following the divestment by TotalEnergies, adding that further opportunities remain in the pipeline.

According to him, the proposed Bonga South West project alone could attract about $20 billion in foreign direct investment, with roughly half as capital expenditure and the remainder flowing into the economy as operating costs.
“This will be one of the biggest energy projects in the world,” Sawan said, adding that other prospects, including Bonga South, are also being considered.

Describing Shell’s renewed commitment as a “sea change” from previous years of reduced investment, Sawan praised President Tinubu for providing the incremental incentives required to move the project towards FID.
He also commended Tinubu’s economic and energy team, describing them as among the most professional Shell works with globally, a factor he said has strengthened investor confidence.