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.
Sunday Dare, the special adviser on media and public communications to President Bola Tinubu, disclosed this in a statement on Thursday.
Mr Dare said Mr Tinubu also directed his Special Adviser on Energy, Olu Verheijen, to facilitate the gazette of the incentives in line with the country’s existing legal and fiscal frameworks.
Receiving the Shell delegation led by its Global Chief Executive Officer, Wael Sawan, President Tinubu said the incentives are designed to attract new capital without compromising government revenues.
“These incentives are not blanket concessions. 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,” Mr Tinubu said.
The Bonga field is Nigeria’s first deepwater oil project, having achieved first oil in 2005. It has the capacity to produce up to 225,000 b/d of crude and 150 MMcf/d of natural gas and is located in 1,000 meters of water, around 120 km south of the banks of the Niger Delta.
Mr Tinubu emphasised that the Bonga South West project is strategic to Nigeria’s economy, with 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.
The president added that the project would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
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He reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, noting that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.
He noted that Shell and its partners have invested nearly $7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI, describing this 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 the company’s global and Nigerian leadership.
