President Bola Tinubu’s investment-friendly reforms are already paying off, with global energy giant Shell pumping more than $7 billion into Nigeria’s oil and gas sector in just 18 months, according to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.
Ojulari disclosed this on Thursday after a high-level meeting between President Tinubu and a Shell delegation led by its Global Chairman, Wael Sawan, at the Presidential Villa, Abuja. The visit marked the first time Shell’s top global leadership would meet directly with the President.
According to Ojulari, Shell came primarily to express appreciation for the executive orders issued by President Tinubu in early 2025, which introduced targeted incentives to stimulate fresh investment in Nigeria’s energy industry following the Petroleum Industry Act (PIA).
While the PIA laid the groundwork for reform, Ojulari said fierce global competition for energy capital meant Nigeria had to go further.
“Investment today is global and highly competitive,” he explained. “Countries across Africa, Guyana and the Far East are constantly adjusting policies to attract capital. The President’s executive orders gave Nigeria the flexibility it needed to compete.”
Those reforms have already yielded tangible results. Ojulari cited Shell’s successful divestment of its onshore joint venture assets to Renaissance, describing it as a strong signal to global investors that Nigeria respects both investment entry and exit.
“That transaction showed serious commitment to reform and investor confidence,” he said.
Following the divestment, Shell took a $5 billion Final Investment Decision (FID) on the Bonga North deepwater project, and later committed another $2 billion to the Bonga HI shallow-water gas project.
“In total, Shell alone has invested over $7 billion since the incentives were introduced,” Ojulari said. “If that confidence spreads across the sector, the impact will be transformative.”
Beyond completed investments, Shell has reportedly indicated readiness to pursue up to $20 billion in additional projects over the coming years, driven by confidence in Tinubu’s leadership, policy consistency and transparency.
Attention has also turned to Shell’s proposed Bonga South West project, estimated to require nearly $10 billion in capital expenditure, with significant operating costs over its lifespan.
Ojulari said the project could be a major economic catalyst, reviving dormant fabrication yards and creating thousands of jobs during construction and decades of sustained employment thereafter.
“These projects mean jobs for Nigerians — in fabrication, logistics, maintenance and materials supply — for 20 to 30 years,” he noted.
On NNPCL’s role, Ojulari said the national oil company would continue to work with international partners such as Shell, Chevron, ExxonMobil and Total to ensure that investment proposals are credible and deliver real value.
“Our responsibility is to be the conscience of government and Nigerians,” he said. “We must ensure promises are realistic and impactful.”
He expressed optimism that, with sustained engagement and presidential backing, a final investment decision on Bonga South West would be achieved, further cementing Nigeria’s position as a competitive global energy destination.
