President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked fiscal incentives to support the proposed Bonga South West deep-offshore oil project by Shell Petroleum Development Company and its partners.
The President has also directed the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to ensure the prompt gazette of the approved incentives in strict alignment with Nigeria’s existing legal and fiscal frameworks.
Receiving a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, President Tinubu stated that the incentives are disciplined, targeted, and globally competitive, designed to attract new capital without compromising government revenues.
“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused on new capital inflows, incremental production, strong local content delivery, and in-country value addition.
“My expectation is clear: the Bonga South West project must reach Final Investment Decision within the first term of this administration.”
President Tinubu underscored 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 substantial foreign-exchange inflows, and deliver sustained government revenues over the life cycle of the project. He added that the project would further deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and accelerated decision-making, stressing that these reforms are critical 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 nearly US$7 billion in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the scale of investment as clear evidence that Nigeria’s economic and energy-sector reforms are yielding positive results.
In his remarks, Mr. Sawan commended the Tinubu administration for the significant improvement in Nigeria’s investment climate, stating that Shell is increasingly confident in Nigeria as a destination for long-term, capital-intensive investments.
Members of the Shell delegation included senior executives from Shell’s global and Nigerian leadership.
