NNPC GCEO says investment signals renewed investor confidence as Shell advances Bonga South-West development
Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has disclosed that Shell Plc has committed to investing an additional $20 billion in Nigeria over the next few years, reinforcing growing investor confidence in the country’s oil and gas sector.
Ojulari made the disclosure on Thursday after a courtesy visit by Shell’s top management to President Bola Ahmed Tinubu at the State House, Abuja.
Speaking to journalists after the meeting, the NNPC chief said the British-Dutch energy giant expressed readiness to mobilise fresh capital into Nigeria, citing improved confidence in the current administration’s leadership and policy direction.
“Shell made commitments to Mr President today to pursue an additional $20 billion investment opportunity over the next couple of years,” Ojulari said. “They have indicated both the capacity and readiness to attract and deploy those resources.”
He noted that global competition for investment capital remains intense, adding that Shell’s decision reflects confidence in what the Tinubu administration has demonstrated through actions rather than rhetoric.
“Everyone is competing for global capital. What stands out here is the confidence Shell has in the leadership of Mr President — not just in words, but in tangible actions around transparency and commitment to the administration’s agenda,” he said.
The disclosure follows a series of recent investment moves by Shell in Nigeria. In May 2025, TotalEnergies announced that its Nigerian subsidiary, TotalEnergies EP Nigeria (TEPNG), had agreed to sell its 12.5 per cent stake in Oil Mining Lease (OML) 118 under a Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Limited (SNEPCo) for $510 million.
Later, in October 2025, SNEPCo announced a $2 billion final investment decision on its HI offshore gas project, further strengthening Shell’s footprint in Nigeria’s upstream sector.
During Thursday’s meeting, President Tinubu also approved the gazetting of “investment-linked” incentives to support Shell Plc and its partners in developing the Bonga South-West deep-offshore oil project.
Ojulari explained that the Bonga South-West project alone is estimated to have an operating expenditure of about $10 billion and is expected to generate significant employment opportunities for Nigerians over a 25 to 30-year production lifespan.
He added that NNPC, as concession holder for Nigeria’s Production Sharing Contracts with international oil companies such as Shell, Chevron and ExxonMobil, will continue to work closely with its partners to drive sustainable investment.
According to him, the national oil company will also collaborate with relevant government institutions to design investment-friendly solutions and policy proposals for government approval.
President Tinubu earlier received Shell’s Chief Executive Officer, Wael Sawan, and members of his delegation at the State House, where the company formally announced its plan to invest $20 billion over time in the Bonga South-West oil project.
The development is seen as a major boost for Nigeria’s offshore oil sector and a signal of renewed confidence by global energy investors in the country’s regulatory and investment climate.
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