…Targets jobs, forex inflows
By David Akinadewo-Adekahunsi
President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South West deep-offshore oil project, in a move aimed at unlocking thousands of jobs, boosting foreign exchange inflows and strengthening Nigeria’s energy sector.
The President also directed his Special Adviser on Energy, Mrs Olu Verheijen, to facilitate the formal gazette of the incentives in line with existing legal and fiscal frameworks, underscoring the administration’s commitment to policy clarity and investor confidence.
Speaking while receiving a delegation from Shell led by its Global Chief Executive Officer, Mr Wael Sawan, President Tinubu described the incentives as disciplined, ring-fenced and globally competitive, stressing that they were carefully designed to attract new capital without undermining government revenues.
“These incentives are not blanket concessions,” the President said, noting that they are strictly investment-linked and focused on new capital inflows, incremental production, strong local content delivery and in-country value addition. He added that his expectation was for the Bonga South West project to reach a Final Investment Decision within the first term of his administration.
President Tinubu described the project as strategic to Nigeria’s economy, with the capacity to generate significant direct and indirect employment, deliver sustained government revenues over its lifespan and increase foreign exchange earnings. He also noted that the development would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
Reaffirming his administration’s reform agenda, the President assured investors of continued policy stability, regulatory certainty and speed in decision-making, which he said were critical to restoring confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He further disclosed that Shell and its partners had invested nearly $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the figure as a clear signal that ongoing economic and energy-sector reforms were yielding positive results.
In his remarks, Mr Sawan said Nigeria’s investment climate had improved significantly under the Tinubu administration, adding that Shell was increasingly confident in the country as a viable destination for long-term investments.
Senior executives from Shell’s global and Nigerian leadership were part of the delegation at the meeting.
