Under Tinubu’s Leadership, Nigeria Sees Record Investments: Lokpobiri Reaffirms Promises

Under Tinubu’s Leadership, Nigeria Sees Record Investments: Lokpobiri Reaffirms Promises

Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, has reiterated his commitment to significant investments in the country, highlighting the Bonga North project as a key example of the promise…Under Tinubu’s Leadership, Nigeria Sees Record Investments: Lokpobiri Reaffirms Promises

under President Bola Tinubu’s leadership.

In a statement released on Monday evening, Lokpobiri emphasized that the project, a joint effort by Shell and its partners, represents a $5 billion investment into Nigeria’s deepwater oil development sector. Located off Nigeria’s coast, the Bonga North project will add 110,000 barrels per day to the nation’s oil production capacity.

“I have repeatedly assured Nigerians that under this administration, major investment decisions, totaling billions of dollars, will be made. The Bonga North project is a testament to the progress we’ve made in keeping that promise,” Lokpobiri stated.

The Bonga North project will be a subsea tie-back to Shell’s Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% stake. This investment decision signals strong investor confidence in Nigeria’s economic potential and underscores the government’s commitment to boosting oil production.

Lokpobiri also praised President Tinubu for creating an environment conducive to investment growth, ensuring that the oil sector continues to thrive. “This achievement would not have been possible without President Tinubu’s visionary leadership and his commitment to creating an enabling environment for investments,” he remarked.

He assured Shell and its partners of the ministry’s unwavering support and dedication to the success of the Bonga North project, reinforcing Nigeria’s role as a key player in global energy production.

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