President Bola Ahmed Tinubu has approved a targeted fiscal incentive to unlock the long-delayed Final Investment Decision (FID) for the Bonga Southwest Aparo (BSA) deepwater project, paving the way for trillions of naira in Foreign Direct Investment (FDI) into Nigeria’s energy sector.

The project, led by NNPCL in partnership with Shell, is expected to revive large-scale deepwater investment in Nigeria for the first time since 2008.

Once completed, the BSA project is projected to produce 150,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily, while creating over 5,000 direct and indirect jobs, boosting local employment and economic growth.

The approval demonstrates President Tinubu’s commitment to accelerating strategic investments in Nigeria’s energy sector and fostering partnerships with global oil companies to drive long-term economic development.