By Raliat Adenekan 

President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South West deep-offshore oil project and other similar developments.

The President directed the Special Adviser on Energy, Mrs. Olu Verheijen, to ensure the incentives are gazetted in line with Nigeria’s existing legal and fiscal frameworks. 

President Tinubu speaking on Thursday while he received the Shell delegation led by its Global Chief Executive Officer, Wael Sawan, said the incentives are disciplined, targeted, and globally competitive, aimed at accelerating investment, creating jobs, and increasing foreign exchange inflows into the Nigerian economy.

“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”

Our correspondent, Raliat Adenekan reports that the President reassured of his administration’s commitment to policy stability, regulatory certainty, and speed.

He further noted that Shell and its partners have invested nearly US$7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI, noting that this as a clear sign that Nigeria’s economic and energy-sector reforms are yielding results.

Nigerian National Petroleum Company Limited (NNPC), Group Chief Executive, Bayo Ojulari disclosed that Shell and its partners are planning to inject $20 billion into Nigeria’s oil and gas industry, crediting President Tinubu’s executive orders for creating the incentives that has restored investor’s confidence and positioning Nigeria as a preferred destination for large-scale energy investment. 

In his remarks, his remarks, Shell’s Global CEO, Mr. Wael Sawan, said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that Shell is increasingly confident in the country as a stable and attractive location for long-term energy investments.