The Chief Executive Officer of Shell Plc, Mr. Wael Sawan, has praised President Bola Tinubu for what he described as bold and visionary leadership that has created a stable and attractive investment climate in Nigeria.
Speaking during a meeting with the President at the State House, Abuja, Sawan disclosed that Shell, in partnership with other investors, is prepared to commit an additional $20 billion to energy projects in Nigeria, attributing the decision largely to renewed confidence inspired by the Tinubu administration.
He said Nigeria is now among the countries attracting significant investments from global oil companies due to improved policy clarity and economic stability.
Highlighting Shell’s recent commitments, Sawan listed a $5 billion investment in Bonga North, $2 billion in HI, and major gas supply projects linked to the Nigeria LNG Limited (NLNG), stressing that the company remains committed to long-term operations in the country.
“We have really been in a space where we are very keen to invest in Nigeria, but this has not always been the case,” Sawan said. “Your leadership and vision have created an investment climate that has propelled us to invest, especially when compared with other opportunities around the world.”
He noted that stability now carries a premium for multinational corporations seeking to invest over long horizons.
“We are investing not for one administration or five or ten years. We want to invest for 20, 30, 40 years and, in the case of Nigeria, for many decades,” he added.
Sawan further revealed that Shell has increased its stake in Oil Mining Lease (OML) 118, also known as the Bonga Block, following the exit of TotalEnergies, describing the move as part of a broader strategy to deepen the company’s footprint in Nigeria.
He said Shell and its partners are advancing plans for the Bonga South West project, which could attract about $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
“This will be one of the biggest energy projects in the world,” Sawan said, adding that other opportunities such as Bonga South remain under consideration.
Describing the renewed investment push as a “sea change,” the Shell CEO noted that the company had previously scaled back investments in Nigeria but has now reversed course due to improved governance and policy incentives.
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga South West deep offshore oil project. He directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to facilitate the process in line with existing legal and fiscal frameworks.
“These incentives are not blanket concessions,” Tinubu said. “They are ring-fenced, investment-linked and focused on new capital, incremental production, strong local content delivery and in-country value addition.”
The President added that his expectation is for the Bonga South West project to reach Final Investment Decision within the first term of his administration.
By Deji Elumoye in Abuja
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