By Joy Onu
Abuja – President Bola Ahmed Tinubu has approved targeted, investment-linked incentives aimed at unlocking jobs, foreign exchange inflows, and local content development from Shell’s proposed Bonga South West deep-offshore oil project and other similar initiatives.
The President gave the directive during a meeting with a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, emphasizing that the incentives are “disciplined, targeted, and globally competitive,” designed to attract new capital without undermining government revenues.
“These incentives are not blanket concessions,” President Tinubu said. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
He stressed the strategic importance of the Bonga South West project to Nigeria’s economy, noting its 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. The President also highlighted that the project would enhance Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
President Tinubu directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks. “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” he added.
The President also reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed—measures he said are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
Mr. Sawan, in response, praised the Tinubu administration for improving Nigeria’s investment climate, noting that Shell is increasingly confident in the country as a long-term investment destination. He highlighted that Shell and its partners have invested nearly US$7 billion in Nigeria over the past 13 months, particularly in Bonga North and HI projects.
The Shell delegation included senior executives from both its global and Nigerian leadership teams.
