Shell Plc’s CEO, Wael Sawan, has praised President Bola Ahmed Tinubu for his bold vision and strong leadership. Citing stability and investor-friendly reforms, Sawan revealed Shell’s plans to deepen its investment in Nigeria’s energy sector, pledging a $20 billion boost that underscores the nation’s growing economic appeal.
Speaking during a meeting with President Tinubu at the Presidential Villa, Mr Sawan disclosed that Shell, alongside its partners, is prepared to invest an additional $20 billion in Nigeria, noting that the improved investment climate under the Tinubu administration has restored global investor confidence.
He stated that Nigeria is now among the countries attracting significant capital inflows from major international oil companies, attributing this to stability, policy clarity and strong governance.
Highlighting Shell’s recent investments—including $5 billion in Bonga North, $2 billion in HI, and ongoing gas projects linked to NLNG—Mr Sawan affirmed the company’s long-term commitment to Nigeria, stressing that stability is critical for investments spanning decades.
Mr Sawan further revealed that Shell has deepened its interest in OML 118, the Bonga Block, following the acquisition of stakes previously held by TotalEnergies, and is advancing plans for the Bonga South West project. He noted that, upon reaching Final Investment Decision (FID), the project could attract up to $20 billion in foreign direct investment, describing it as one of the largest energy projects globally.
Describing the shift as a “sea change,” the Shell CEO said the company’s current investment posture marks a significant turnaround from previous years when it was scaling back operations in Nigeria. He also commended the professionalism of President Tinubu’s team, noting that their competence has further strengthened investor confidence.
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore project. He directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the process in line with existing legal and fiscal frameworks.
The President emphasised that the incentives are ring-fenced and tied strictly to new capital investments, incremental production, strong local content delivery and in-country value addition, adding that Bonga South West is expected to reach Final Investment Decision within the first term of his administration.
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