The Chief Executive Officer of Shell Plc, Mr. Wael Sawan, has commended President Bola Ahmed Tinubu for what he described as bold and visionary leadership that has restored investor confidence and created a favourable climate for long-term investments in Nigeria.
Speaking during a meeting with President Tinubu at the Presidential Villa, Abuja, Sawan disclosed that Shell is deepening its footprint in Nigeria and is prepared, alongside its partners, to invest an additional $20 billion in the country’s energy sector.
According to him, Nigeria under the Tinubu administration has emerged as one of the most attractive destinations for global oil and gas investments.
Sawan highlighted Shell’s recent investments in Nigeria, including $5 billion in Bonga North, $2 billion in HI, and ongoing gas projects linked to Nigeria LNG (NLNG). He stressed that the company remains committed to long-term investments, citing the country’s improving economic stability.
“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case. Your leadership and your vision have created an investment climate over the last few years that has propelled us to invest, particularly when we compare Nigeria with other opportunities around the world,” Sawan said.
He noted that stability now carries a premium for multinational corporations making long-term investment decisions.
“We are not investing for one administration or five or 10 years. We are investing for 20, 30, 40 years — and in Nigeria’s case, for many decades,” he added.
The Shell CEO further revealed that the company recently acquired interests in OML 118 (Bonga Block) following divestments by TotalEnergies, underscoring Shell’s resolve to deepen its presence in Nigeria’s offshore sector.
He explained that Shell and its partners are advancing plans for the Bonga South West project, which could attract about $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
“Half of that amount will be capital investment, while the other half will come in as operating expenses. This will be one of the biggest energy projects in the world,” Sawan said.
He also pointed to additional opportunities such as Bonga South, describing Shell’s renewed commitment as a “sea change” from previous years when the company had scaled back its Nigerian investments.
Sawan thanked President Tinubu for approving incremental, investment-linked incentives for the Bonga South West project, noting that the decision has brought Shell closer to taking an investment decision.
“I want to thank you for the leadership you have shown to provide the incentives that now give us line of sight to this investment,” he said.
He further praised the President’s economic team, describing them as among the most professional Shell works with globally.
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga South West deep offshore oil project and directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to ensure the process aligns with Nigeria’s legal and fiscal frameworks.
The President stressed that the incentives were not blanket concessions.
“They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content delivery, and in-country value addition,” Tinubu said.
He added that the administration expects the Bonga South West project to reach Final Investment Decision within his first term.
