Energy giant deepens Nigeria presence with Bonga projects, citing revived investor confidence under Tinubu
Abuja: Shell CEO Wael Sawan has pledged $20 billion in new investments in Nigeria, citing President Bola Tinubu‘s reforms for reviving investor confidence.
Speaking at the Presidential Villa, Sawan said Shell and its partners were deepening commitments in line with Tinubu’s reform agenda, positioning Nigeria as a prime destination for global energy and infrastructure capital.
“Nigeria under your administration has emerged as a major destination for global oil and gas investments,” Sawan declared.
He highlighted Shell’s recent projects, including $5 billion in the Bonga North project, $2 billion in the Hausa Indigenous Gas Project, and additional investments tied to Nigeria LNG. He further disclosed that Shell’s stake in OML 118 (Bonga Block) had increased after TotalEnergies’ exit, underscoring confidence in Nigeria’s long-term stability.
Sawan emphasized that Bonga South West alone could attract about $20 billion in foreign direct investment, describing it as one of the world’s largest prospective energy ventures. Half of the capital would be allocated to expenditure, while the remainder would sustain operations within Nigeria.
“This represents a sea change from previous years when investments were declining,” Sawan noted, praising Tinubu’s leadership and the professionalism of his economic and energy team.
President Tinubu, in response, approved the gazetting of targeted, investment-linked incentives specifically designed to support the Bonga South West deep offshore project. He clarified that the incentives would be limited exclusively to investments in this project, be directly associated with the introduction of new capital, and prioritize increasing economic activity and job opportunities within Nigeria. He also noted that a Final Investment Decision (FID)was expected within his first term.