Nigeria’s President, Bola Tinubu, has been praised for fostering a more conducive investment environment that has helped restore investor confidence in the country.
According to Shell Plc’s Chief Executive Officer, Mr. Wael Sawan, the energy major, alongside its partners, is prepared to commit an additional $20 billion in investments in Nigeria, citing the improved investment climate.
Mr. Sawan made the remarks during a meeting with President Tinubu at the Presidential Villa, where he credited the President’s “robust and bold leadership” as the key driver behind Shell’s renewed investment interest.
“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case,” Sawan said.
“Your leadership and your vision have created an investment climate over the last few years that, I will be very honest with you, propelled us to invest—particularly when compared with other investment destinations around the world,” he added.
According to a statement issued on Sunday by the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, Sawan further noted that stability now commands a premium for global corporates.
“Stability in today’s environment honestly carries a premium because we are investing not for one administration or five or 10 years, but for 20, 30, 40 years—and in the case of Nigeria, for many decades,” he said.
The Shell CEO highlighted the company’s recent investments in Nigeria, including $5 billion in the Bonga North project, $2 billion in the HI project, and continued contributions to gas development at Nigeria LNG (NLNG).
He described Shell’s renewed commitment as a “sea change” from previous years when the company had scaled back investments in the country.
On expansion plans, Sawan disclosed that Shell has increased its stake in Oil Mining Lease (OML) 118—the Bonga Block—following the acquisition of assets from TotalEnergies.
He also revealed plans for the Bonga Southwest project, which could attract an estimated $20 billion investment if it reaches Final Investment Decision (FID), with roughly half allocated to capital expenditure and the remainder to operating costs.
“This will be one of the biggest energy projects in the world,” Sawan said, adding that further opportunities, including Bonga South, remain in the pipeline.
The Shell CEO also commended the professionalism of President Tinubu’s team, stating: “Your team is among the best we deal with anywhere in the world, and that professionalism gives us—and our partners—the confidence to continue investing.”
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga Southwest deep offshore oil project.
He directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to facilitate the incentives within Nigeria’s legal and fiscal frameworks.
“These incentives are not blanket concessions,” the President said.
“They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content delivery, and in-country value addition. My expectation is clear: Bonga Southwest must reach Final Investment Decision within the first term of this administration.”
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