President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell and its partners. The President also directed the Special Adviser to the President on Energy, Mrs Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

Receiving a Shell delegation led by its Global Chief Executive Officer, Mr Wael Sawan, President Tinubu said the incentives are disciplined, targeted and globally competitive, designed to attract new capital without undermining government revenues. He stressed that the measures are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery and in-country value addition, while expressing his expectation that the Bonga South West project should reach a Final Investment Decision within the first term of his administration.

The President emphasised that the project is strategic to Nigeria’s economy, with the potential to create thousands of jobs, generate significant foreign-exchange inflows and deliver sustained government revenues. He reaffirmed his administration’s commitment to policy stability, regulatory certainty and speed to restore investor confidence, noting that Shell and its partners have invested nearly US$7 billion in Nigeria in the past 13 months. In his remarks, Mr Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that Shell remains increasingly confident in Nigeria as a destination for long-term investment.