President Bola Ahmed 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.
The President also instructed the Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s legal and fiscal frameworks.
Speaking to a Shell delegation led by Global CEO Wael Sawan, President Tinubu said the incentives are disciplined, targeted, and globally competitive, aimed at attracting new capital without undermining government revenue.
He emphasised that the incentives are ring-fenced and investment-linked, focusing on new capital, incremental production, local content, 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,” he said.
The President highlighted the strategic importance of Bonga South West to Nigeria’s economy, noting its potential to create thousands of jobs, generate foreign-exchange inflows, and deliver sustained government revenues. The project is also expected to deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
President Tinubu reaffirmed the administration’s commitment to policy stability, regulatory certainty, and speed, stressing that these reforms are vital for restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.
Shell’s CEO, Wael Sawan, welcomed the developments, noting that Nigeria’s investment climate has improved significantly under the Tinubu administration and that Shell remains confident in long-term investment prospects in the country.
The Shell delegation included senior executives from both global and Nigerian leadership teams.
