Inside Tinubu’s High-Level Meeting With Shell Officials

According to Ireporter Online, President Bola Ahmed Tinubu has approved the formal gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project being developed by Shell and its partners.

The President also instructed his Special Adviser on Energy, Mrs. Olu Verheijen, to ensure the incentives are gazetted in line with Nigeria’s existing legal, fiscal, and regulatory frameworks.

The directive was issued on Thursday during a meeting between President Tinubu and a Shell delegation led by the company’s Global Chief Executive Officer, Mr. Wael Sawan, at the State House in Abuja.

Speaking at the meeting, the President explained that the incentives are carefully structured, targeted, and globally competitive, aimed at attracting new capital investment while safeguarding government revenues. He stressed that the measures are not broad concessions but are specifically tied to fresh capital inflows, increased production, strong local content participation, and enhanced in-country value creation.

President Tinubu further stated that the administration expects the Bonga South West project to reach a Final Investment Decision within the first term of his government, describing the project as critical to Nigeria’s economic growth.

He highlighted the project’s potential to generate thousands of direct and indirect jobs, boost foreign-exchange earnings, and provide sustained revenue to the government over its operational lifespan. The President added that the initiative would also strengthen Nigerian involvement in offshore engineering, fabrication, logistics, and energy services.

Reaffirming his administration’s commitment to policy stability, regulatory certainty, and accelerated approvals, President Tinubu noted that these reforms are essential to restoring investor confidence and positioning Nigeria as a leading destination for large-scale energy investments.

He also revealed that Shell and its partners have invested nearly 7 billion dollars in Nigeria over the past 13 months, particularly in the Bonga North and HI projects, describing the development as evidence that ongoing economic and energy-sector reforms are yielding positive results.

In his remarks, Mr. Sawan commended the improvements in Nigeria’s investment climate under the current administration, stating that Shell’s confidence in Nigeria as a destination for long-term investment continues to grow. Senior executives from Shell’s global and Nigerian leadership were part of the delegation at the meeting.