Tinubu Approves Incentives for Shell’s Bonga Southwest Project to Boost Jobs, FX Inflows
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 deep-water developments, in a move aimed at boosting job creation, foreign exchange inflows and government revenues.
The President also directed his Special Adviser 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 were designed to attract fresh capital without undermining government revenue streams.
He described the measures as disciplined, targeted, and globally competitive.
“These incentives are not blanket concessions. They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery and in-country value addition,” the President stated.
He added that he expects the Bonga South West project to reach a Final Investment Decision within the first term of his administration.
Tinubu noted that the project is strategic to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate substantial foreign exchange inflows, and deliver sustained revenues to government over the project’s lifespan.
He further said it would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speedy reforms, stressing that these steps are essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He also 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 this as evidence that ongoing economic and energy-sector reforms are yielding results.
In his remarks, Shell’s Global CEO, Mr. Wael Sawan, said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that the company is increasingly confident in Nigeria as a destination for long-term investment.
Members of Shell’s global and Nigerian leadership teams were present at the meeting.
The statement was signed by Mr. Sunday Dare, Special Adviser to the President on Media and Public Communication.
