President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to accelerate Shell’s proposed Bonga South West deep-offshore oil project, signalling a renewed push to unlock jobs, foreign exchange inflows and large-scale oil and gas investment.
The President directed his Special Adviser on Energy, Olu Verheijen, to ensure the incentives are promptly gazetted in line with Nigeria’s existing legal, regulatory and fiscal frameworks.
Speaking while receiving a Shell delegation led by Global Chief Executive Officer Wael Sawan, Tinubu said the incentives were deliberately structured to be disciplined, targeted and globally competitive. According to him, the goal is to attract fresh capital without undermining government revenues.
“These incentives are not blanket concessions,” Tinubu said. “They are ring-fenced and investment-linked, focused strictly on new capital and incremental production, strong local content delivery, and in-country value addition.”
He stressed that the Federal Government expects the Bonga South West project to reach Final Investment Decision (FID) within the first term of his administration, highlighting its role in Nigeria’s economic recovery and medium-term growth plans.
Describing Bonga South West as a strategic national asset, the President said the project could generate thousands of direct and indirect jobs, unlock significant foreign-exchange inflows and deliver sustained revenues over its lifespan. He added that it would deepen Nigerian participation across the offshore energy value chain, including engineering, fabrication, logistics and other energy services.
Tinubu reaffirmed his administration’s commitment to policy stability, regulatory certainty and faster government decision-making, noting that these factors are critical to restoring investor confidence and positioning Nigeria as a preferred destination for major energy investments.
He also disclosed that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in the Bonga North and Bonga Hi projects, describing the scale of investment as evidence that ongoing economic and energy-sector reforms are producing results.
In his response, Sawan said Nigeria’s investment climate has improved significantly under the Tinubu administration. He noted that clearer fiscal terms, consistent policy direction and stronger government engagement have boosted Shell’s confidence in advancing long-term, capital-intensive offshore projects.
A statement by Special Adviser on Media and Public Communication, Sunday Dare, said the Shell delegation included senior executives from both the company’s global and Nigerian leadership teams.
