President Bola Ahmed Tinubu has approved targeted investment-linked incentives to support Shell’s Bonga South West deep-offshore oil project and other similar offshore developments.

The approval, announced at a meeting with Shell’s global leadership, is aimed at attracting new capital, boosting local content, and increasing in-country value addition without undermining government revenues.

The incentives are expected to help the project reach a Final Investment Decision (FID) within the first term of the current administration, create thousands of direct and indirect jobs, and increase foreign exchange inflows.

President Tinubu directed his Special Adviser on Energy to facilitate the implementation of the incentives in line with Nigeria’s legal and fiscal frameworks.