President Bola Tinubu has approved targeted investment-linked incentives to support the development of the Bonga South West deep-offshore oil project by Shell and its partners, signaling a major push to boost jobs, foreign exchange inflows, and local industry participation.
During a meeting with the Shell delegation led by its Global CEO, Wael Sawan, on Thursday at the Presidential Villa Abuja, President Tinubu directed the Special Adviser on Energy, Olu Verheijen, to facilitate the gazetting of these incentives in line with Nigeria’s existing legal and fiscal frameworks.
“These incentives are not blanket concessions,” President 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. My expectation is clear: “Bonga South West must reach a Final Investment decision within the first term of this administration.”
The President described the project as strategic for Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate significant foreign exchange inflows, and deliver sustained government revenues.
He also highlighted the project’s role in deepening Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
President Tinubu emphasized his administration’s commitment to policy stability, regulatory certainty, and expedited processes, noting that such reforms are vital for restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.
He further pointed out that Shell and its partners have invested nearly US$7 billion in Nigeria over the past years.
Editor: Ken Eseni
