Shell CEO lauds Tinubu’s leadership, plans $20bn fresh investment in Nigeria

The Chief Executive Officer of Shell Plc, Mr Wael Sawan, has commended President Bola Ahmed Tinubu for his leadership and vision, describing them as the key reasons the global energy giant is preparing to invest an additional $20 billion in Nigeria.

Sawan made the remarks during a meeting with President Tinubu at the Presidential Villa, Abuja, where he disclosed that Shell is deepening and expanding its footprint in Nigeria in response to what he described as an improved and stable investment climate under the current administration.

According to the Shell CEO, Nigeria has emerged as one of the preferred destinations for major global oil and gas investments, attributing this to the restoration of investor confidence driven by policy stability and strong leadership. He noted that Shell, alongside its partners, is ready to commit about $20 billion in new investments, largely influenced by the President’s “robust and bold” approach to governance.

Sawan highlighted Shell’s recent investments in the country, including $5 billion in the Bonga North project, $2 billion in HI, as well as ongoing gas investments linked to the Nigeria Liquefied Natural Gas (NLNG) project. He stressed that these commitments reflect the company’s long-term confidence in Nigeria’s economic environment.

“Your leadership and your vision have created an investment climate over the last few years that propelled us to invest, especially when compared with other opportunities around the world,” Sawan told the President, adding that stability now carries a premium for multinational corporations planning investments spanning several decades.

He further revealed that Shell has expanded its interest in the Bonga Block (OML 118) through the acquisition of stakes previously held by TotalEnergies, noting that the move was part of a broader strategy to deepen investments in Nigeria. Beyond this, he disclosed that Shell is working on the proposed Bonga South West project, which could attract around $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).

“This will be one of the biggest energy projects in the world,” Sawan said, adding that Shell also sees further opportunities, including the Bonga South project, as part of its long-term investment pipeline.

Describing the new investment commitments as a “sea change” from previous years when Shell was scaling back operations in Nigeria, Sawan thanked President Tinubu for providing targeted incentives that have improved the project’s investment outlook. He also praised the professionalism of the President’s economic and energy team, saying it has strengthened confidence among Shell and its partners.

In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project. He directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to ensure the incentives are gazetted in line with Nigeria’s existing legal and fiscal frameworks.

“These incentives are not blanket concessions. They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content delivery, and in-country value addition,” the President said.

President Tinubu further stated that his expectation is for the Bonga South West project to reach Final Investment Decision within the first term of his administration, underscoring the government’s commitment to attracting large-scale, long-term investments into Nigeria’s energy sector.

The meeting reinforces the administration’s drive to position Nigeria as a competitive and stable destination for global energy investments while leveraging local value creation and economic growth.