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President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga SouthWest deep-offshore oil project and other similar offshore developments, in a move aimed at unlocking jobs, boosting foreign-exchange inflows, and accelerating new capital into 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, signalling the government’s intent to move swiftly from policy to implementation.
Speaking while receiving a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, at the State House, President Tinubu said the incentives were carefully designed to attract fresh investment without eroding government revenues.
“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
He added that his administration expects the Bonga SouthWest project to reach Final Investment Decision (FID) within the first term of the government, stressing that timely execution is critical to meeting national economic goals.
President Tinubu described Bonga SouthWest as strategic to Nigeria’s economy, with the capacity to generate thousands of direct and indirect jobs, strengthen foreign-exchange earnings, and deliver sustained government revenue over the project’s lifespan. He noted that the development would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services, in line with local content objectives.
Reaffirming his administration’s focus on policy stability and regulatory certainty, the President said faster approvals and predictable frameworks are central to restoring investor confidence and positioning Nigeria as a competitive destination for large-scale energy investments.
He further disclosed that Shell and its partners have invested nearly $7 billion in Nigeria in the past 13 months, particularly in the Bonga North and HI projects, describing the inflows as early evidence that ongoing economic and sector reforms are yielding results.
In his remarks, Mr. Sawan said Nigeria’s investment climate has improved under the Tinubu administration, adding that Shell is increasingly confident in the country as a long-term investment destination for deep-water and integrated energy projects.
He noted that deep-offshore developments such as Bonga SouthWest align with Shell’s global production strategy while also supporting host-country development priorities through technology transfer, employment, and supply-chain participation.
Senior executives from Shell’s global and Nigerian leadership were part of the delegation at the meeting.
The Federal Government said the newly approved incentives will apply strictly to new, qualifying investments and incremental production, reinforcing its approach of linking fiscal support to measurable economic outcomes, including capital inflows, job creation, and local value addition.
