By Ayo Ayodele
The Chief Executive Officer of Shell Plc, Mr. Wael Sawan, has commended President Bola Ahmed Tinubu for what he described as bold and visionary leadership that has restored investor confidence and positioned Nigeria as an attractive destination for major global investments.
Speaking during a meeting with President Tinubu at the Presidential Villa, Abuja, Sawan disclosed that Shell and its partners are prepared to invest an additional $20 billion in Nigeria, citing the improved investment climate under the current administration as the primary motivation.
According to him, Nigeria is once again emerging as one of the most attractive destinations for investments by international oil companies, driven by policy stability, economic reforms, and strong leadership.
Sawan highlighted Shell’s recent commitments in the country, including a $5 billion investment in Bonga North, $2 billion in the HI project, and continued gas investments linked to the Nigeria Liquefied Natural Gas (NLNG) project. He said these investments reflect Shell’s long-term confidence in Nigeria’s economy and energy sector.
“Your leadership and your vision have created an investment climate over the last few years that propelled us to invest, especially when compared to other opportunities around the world,” Sawan said, adding that stability remains a key factor in long-term corporate investment decisions.
He explained that Shell’s investment horizon in Nigeria spans decades, noting that the company is not investing for a single administration but for 20 to 40 years and beyond.
On the expansion of Shell’s offshore assets, the CEO revealed that the company recently deepened its interest in Oil Mining Lease (OML) 118, also known as the Bonga Block, following the acquisition of TotalEnergies’ stake. He said Shell is now working on the Bonga South West project, which could attract about $20 billion in foreign direct investment if a Final Investment Decision (FID) is reached.
Describing the proposed Bonga South West project as one of the biggest energy developments globally, Sawan said half of the projected investment would be capital expenditure, while the remainder would flow into Nigeria through operational expenses and other in-country costs.
He noted that Shell’s renewed commitment represents a significant turnaround from previous years when the company was scaling back its investments in Nigeria.
Sawan also thanked President Tinubu for approving targeted, investment-linked incentives to support the Bonga South West deep offshore project, saying the incentives have provided Shell and its partners with clear visibility toward making a final investment decision.
He further praised the President’s economic team, describing them as among the most professional Shell works with globally, and said their competence has further strengthened investor confidence.
In response, President Tinubu approved the gazetting of the incentives to support the Bonga South West project and directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to ensure their implementation in line with Nigeria’s legal and fiscal frameworks.
The President emphasised that the incentives were not blanket concessions but were tied to new investments, incremental production, strong local content participation, and in-country value addition.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” President Tinubu said.