By Ayomide Otitoju
President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project being developed by Shell and its partners.
A statement issued on Thursday by the Special Adviser to the President on Media and Public Communication, Sunday Dare, said the President also directed his Special Adviser on Energy, Olu Verheijen, to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
Speaking while receiving a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, President Tinubu said the incentives were disciplined, targeted and globally competitive, aimed at attracting new capital without eroding government revenues.
“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused on new capital and 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.”
Tinubu described the Bonga South West project as strategic to Nigeria’s economy, noting its potential to create thousands of direct and indirect jobs, boost foreign-exchange inflows and generate sustained government revenues over its lifespan. 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 speed, stressing that ongoing reforms are essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He also disclosed that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the investments as evidence that economic and energy-sector reforms are yielding results.
In his remarks, Sawan said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that Shell’s confidence in Nigeria as a long-term investment destination is growing.
The Shell delegation included senior executives from the company’s global and Nigerian leadership teams.
