By Ihechi Enyinnaya
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 similar offshore developments, in a move aimed at unlocking jobs, boosting foreign exchange inflows, and strengthening Nigeria’s energy sector.
The approval was announced during a meeting between the President and a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, at the State House. President Tinubu directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with existing legal and fiscal frameworks.
According to the President, the incentives are designed to be disciplined, targeted, and globally competitive, focusing strictly on new investments and incremental production. He stressed that the measures are not blanket concessions but are ring-fenced to protect government revenues while attracting fresh capital.
“These incentives are investment-linked and focused on strong local content delivery and in-country value addition,” President Tinubu said, adding that his expectation is for the Bonga South West project to reach a Final Investment Decision within the first term of his administration.
The President described the project as strategic to Nigeria’s economy, noting its potential to create thousands of direct and indirect jobs, generate substantial foreign exchange inflows, and deliver sustained government revenues throughout its lifespan. He also said the project would deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
Reaffirming his administration’s commitment to policy stability and regulatory certainty, President Tinubu said ongoing reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He further disclosed that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in projects such as Bonga North and HI, describing the investments as evidence that recent economic and energy-sector reforms are yielding results.
In his remarks, Mr. Sawan commended the Tinubu administration for improving Nigeria’s investment climate, saying Shell is increasingly confident in the country as a destination for long-term energy investment.
Senior executives from Shell’s global and Nigerian leadership were part of the delegation at the meeting.
The press release was issued by Sunday Dare, Special Adviser to the President on Media and Public Communication, on January 22, 2026.