Tinubu approves targeted incentives to fast-track Shell’s Bonga South West Deep-Offshore Project
President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project being developed by Shell and its partners, in a move aimed at unlocking jobs, boosting foreign-exchange inflows and strengthening Nigeria’s energy sector.
The President also directed the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to facilitate the formal gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
Speaking while receiving a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, President Tinubu said the incentives are disciplined, ring-fenced and globally competitive, stressing that they are designed to attract new capital without undermining government revenues.
“These incentives are not blanket concessions,” the President said. “They are investment-linked and focused on new capital, 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.”
President Tinubu described the Bonga South West project as strategic to Nigeria’s economic growth, noting its potential to create thousands of direct and indirect jobs, generate substantial foreign-exchange inflows and deliver sustained revenues to government over the life of the project. He added that the development would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
Reaffirming his administration’s commitment to policy stability, regulatory certainty and accelerated approvals, the President said ongoing reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He further disclosed that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the investments as clear evidence that Nigeria’s economic and energy-sector reforms are yielding results.
In his remarks, Mr. Sawan said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that Shell is increasingly confident in the country as a destination for long-term energy investment.
Senior executives from Shell’s global and Nigerian leadership were part of the delegation at the meeting.
The development underscores the Federal Government’s strategy of using targeted fiscal incentives to unlock deep-offshore investments, stimulate economic growth and enhance Nigeria’s competitiveness in the global energy market.
