President Bola Ahmed Tinubu has issued a marching order to Shell and its partners to reach a Final Investment Decision (FID) on the long-awaited Bonga Southwest deep-offshore oil project within the first term of his administration.
To fast-track this realization, the President has formally approved the gazetting of targeted, investment-linked incentives designed to unlock capital and ensure the project’s viability.
President Tinubu gave the directive on Thursday while receiving a high-powered Shell delegation led by its Global Chief Executive Officer, Wael Sawan, at the State House.
Emphasizing the strategic importance of the project to Nigeria’s economic recovery, the President made it clear that open-ended delays would no longer be entertained.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” Tinubu declared.
The President noted that the project holds the potential to create thousands of direct and indirect jobs, generate significant foreign exchange inflows, and deliver sustained government revenues over its lifespan.
He added that it would further deepen Nigerian participation in offshore engineering, fabrication, and energy services.
To support the project, President Tinubu directed the Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the immediate gazetting of the new incentives.
He, however, clarified that these are not giveaways but strategic tools to attract fresh capital without compromising the nation’s revenue base.
“These incentives are not blanket concessions,” the President stated. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
He described the package as disciplined and globally competitive, signalling his administration’s commitment to policy stability and regulatory certainty.
President Tinubu highlighted that his administration’s reforms are already yielding results, noting 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.
Responding, Shell’s Global CEO, Wael Sawan, acknowledged the shift in the country’s economic landscape.
Sawan stated that Nigeria’s investment climate has improved remarkably under the current administration, adding that the oil major is increasingly confident in the country as a destination for long-term capital allocation.
