President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives aimed at unlocking new capital, jobs and foreign-exchange inflows from Shell’s proposed Bonga South West deep-offshore oil project and other similar offshore developments.
The approval was disclosed in a press release by the presidential spokesperson, Bayo Onanuga on Wednesday following a meeting between the President and a delegation from Shell, led by its Global Chief Executive Officer, Wael Sawan. President Tinubu also directed the Special Adviser on Energy, Olu Verheijen, to ensure the incentives are gazetted in line with Nigeria’s existing legal and fiscal frameworks.
According to the President, the incentives are designed to be disciplined and ring-fenced, applying only to new investments and incremental production. He stressed that the measures are not blanket concessions but are tied to clear outcomes, including strong local content delivery, in-country value addition and sustainable government revenues.
“These incentives are targeted and globally competitive,” Tinubu said, adding that his expectation is for the Bonga South West project to reach Final Investment Decision within the first term of his administration.
The President described the project as strategic to Nigeria’s economy, noting its potential to generate thousands of direct and indirect jobs, boost foreign-exchange earnings and deliver steady revenues over the life of the asset. He added that it would also deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
Tinubu reaffirmed his administration’s commitment to policy stability, regulatory certainty and faster decision-making, arguing that these reforms are essential 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 over the past 13 months, particularly in the Bonga North and HI projects, which he said reflects growing confidence in Nigeria’s economic and energy-sector reforms.
In his remarks, Sawan said Nigeria’s investment climate has improved significantly under the current administration, adding that Shell is increasingly confident in the country as a destination for long-term capital in deep-offshore energy projects.
Senior executives from Shell’s global and Nigerian leadership were also present at the meeting.
