Global energy giant Shell Plc has credited President Bola Ahmed Tinubu’s visionary leadership and sweeping reforms for its decision to commit an additional $20 billion in new investments in Nigeria.
The company also signalled plans for further long-term investments in the country, describing the move as a “sea change” from previous years when it was scaling back its Nigerian operations.
Global Chief Executive Officer of Shell Plc, Mr Wael Sawan, disclosed this during a meeting with President Tinubu at the Presidential Villa, Abuja, where he attributed the renewed investment confidence to the president’s bold and reform-driven leadership.
According to Sawan, the Tinubu administration has created a stable and healthy investment climate that is restoring investor confidence and driving major capital inflows into Nigeria’s energy sector.
Shell’s latest investment centres on the Bonga Southwest deep offshore project, which is expected to attract about $20 billion in foreign direct investment once it reaches Final Investment Decision (FID). The proposed project follows a string of recent Shell investments, including $5 billion in Bonga North, $2 billion in the HI conventional gas project, and continued participation in gas projects with Nigeria Liquefied Natural Gas (NLNG) Limited.
“We have really been in a space where we are very keen to invest in Nigeria, but 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, quite frankly, propelled us to invest—especially when compared with other opportunities around the world.”
He noted that stability has become a premium consideration for global corporations making long-term investment decisions.
“We are not investing for one administration or for five or ten years. We invest for 20, 30, 40 years and, in Nigeria’s case, for many decades,” he added.
Sawan observed that under the Tinubu administration, Nigeria has emerged as one of the most attractive destinations for global oil and gas investments, adding that Shell sees even greater opportunities ahead.
He revealed that Shell recently deepened its footprint in Nigeria by acquiring additional interests in Oil Mining Lease (OML) 118, including the Bonga field, following the divestment by TotalEnergies.
“TotalEnergies was selling, so we bought it because we want to deepen further. But we believe this is not enough. There is more to invest here,” Sawan said. “We understand the vision you have for the country, and we are working on Bonga Southwest, which could see us and our partners invest around $20 billion—half in capital expenditure and the rest in operating costs that will flow into the Nigerian economy.”
He added that Shell also sees additional prospects such as Bonga South further down the investment pipeline, reinforcing its long-term commitment to Nigeria.
Commending President Tinubu, Sawan said the administration’s leadership and targeted incentives were critical in giving Shell and its partners confidence to proceed with the massive offshore project.
“I want to thank you for the leadership you have shown in providing incremental incentives that are now giving us a clear line of sight to investment in Bonga Southwest,” he said.
He also praised the president’s economic team, describing them as outstanding professionals whose competence and professionalism compare favourably with counterparts anywhere in the world.
Meanwhile, the President’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, said President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga Southwest deep offshore oil project.
Onanuga noted that the president directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the gazette in line with Nigeria’s existing legal and fiscal frameworks.
According to the statement, President Tinubu stressed that the incentives were not blanket concessions but strictly tied to verifiable investments.
“They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition,” the president said.
He added: “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”