Shell's Bonga South-West Project, Others to Unlocks Jobs, FX Inflow-President Tinubu

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.

According to a release made available to newsmen in Abuja Thursday by his Special Adviser on Media and Public Communications, Sunday Dare, the president also directed that the incentives be gazetted in line with Nigeria’s existing legal and fiscal frameworks.

The statement noted that President Tinubu, who received Shell delegation, led by its Global Chief Executive Officer, Wael Sawan, at the State House, Abuja, said the incentives, which are disciplined, targeted, and globally competitive, are designed to attract new capital without undermining government revenues.

“These incentives are not blanket concessions,” the President stated.

“They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.

“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” the statement quotes him as saying.

President Tinubu, the statement added, emphasised that the Bonga South West project is strategic to Nigeria’s economy, and has the potential to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows, and deliver sustained government revenues over the life of the project.

He added that the project would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.

While reaffirming his administration’s commitment to policy stability, regulatory certainty, and speed, the president pointed out that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment. 

According to him, Shell and its partners have invested nearly US$7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI, investments he described as a clear sign that Nigeria’s economic and energy-sector reforms are delivering results.

In his remarks, Mr. Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long-term investment. Members of the Shell delegation included senior executives from Shell’s global and Nigerian leadership