Tinubu Grants Approval for $20bn Bonga Southwest Aparo Oil Project

President Bola Ahmed Tinubu has approved a $20 billion Final Investment Decision for the Bonga Southwest Aparo deepwater project, a development expected to significantly boost investment in Nigeria’s oil and gas sector.

The approval was announced by the Nigerian National Petroleum Company Limited in a press release, describing the move as a major step toward unlocking long-delayed capital inflows into the country’s energy industry.

According to the national oil company, the presidential approval includes a targeted fiscal incentive aimed at facilitating the long awaited investment decision on the Bonga Southwest Aparo deepwater development. The initiative is part of the Federal Government’s broader strategy to attract strategic investments and stimulate economic growth through the energy sector.

The Bonga Southwest Aparo project is an expansion of the existing Bonga deepwater oil field located offshore Nigeria. Over the years, the project had experienced delays largely due to regulatory uncertainties and fiscal concerns raised by investors within the industry.

Industry analysts say the approval could help restore investor confidence in Nigeria’s oil and gas sector, which has in recent years struggled to secure large scale upstream investments compared to other competing oil producing nations.

The project is expected to attract about $20 billion in investment and could lead to increased crude oil production once operational. Beyond production, it is also anticipated to generate employment opportunities and strengthen government revenues through taxes, royalties and other contributions to the national economy.

Officials say the development represents a major milestone in Nigeria’s efforts to reposition its energy sector and maintain its relevance in the global oil market while supporting long term economic growth.