Mkpoikana Udoma
Port Harcourt — President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives aimed at unlocking fresh capital, jobs and foreign exchange inflows from Shell’s proposed Bonga South West deep-offshore project and other deepwater developments.
The President gave the directive while receiving a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, and mandated the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to facilitate the gazette in line with Nigeria’s existing legal and fiscal frameworks.
“These incentives are not blanket concessions,” Tinubu said. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
He stressed that the objective is to fast-track new investments without eroding government revenues, making Nigeria’s deepwater fiscal regime globally competitive.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” the President stated.
Tinubu described the Bonga South West project as strategic to Nigeria’s economic growth, noting that it has the capacity to create thousands of direct and indirect jobs, drive significant foreign exchange inflows and deliver long-term government revenues.
According to him, the project will also deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services, reinforcing local content development in the upstream sector.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty and speed, stressing that these reforms are critical to restoring investor confidence and repositioning Nigeria as a preferred destination for large-scale energy investments.
He further disclosed that Shell and its partners have invested nearly $7 billion in Nigeria in the past 13 months, particularly in the Bonga North and HI projects, describing the investments as proof that Nigeria’s ongoing economic and energy-sector reforms are yielding results.
In his remarks, Shell CEO Wael Sawan said the company’s confidence in Nigeria has grown significantly under the Tinubu administration.
“Nigeria’s investment climate has improved remarkably,” Sawan said, adding that Shell now sees Nigeria as a strong destination for long-term capital deployment.
The approval of the incentives is expected to unlock stalled deepwater projects, accelerate offshore investment decisions and strengthen Nigeria’s drive to boost crude oil production, revenues and foreign exchange earnings.
