President Bola Ahmed Tinubu has given formal approval for the gazetting of specially designed, investment-driven fiscal incentives aimed at accelerating Shell’s planned Bonga South-West deepwater oil development.
The President instructed his Special Adviser on Energy, Mrs. Olu Verheijen, to ensure the incentives are formally gazetted in accordance with Nigeria’s existing legal, regulatory, and fiscal structures, signalling the administration’s intent to fast-track high-value offshore investments.
The approval was confirmed in a statement released in Abuja by the President’s Special Adviser on Media and Public Communication, Mr. Sunday Dare.
During a high-level meeting with a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, President Tinubu described the incentives as carefully structured, targeted, and competitive within the global energy investment landscape. He stressed that the measures were crafted to attract new capital inflows while safeguarding government revenue streams.
According to the President, the incentives are not broad-based concessions but are tightly ring-fenced to support fresh investments tied directly to incremental production, enhanced local content participation, and measurable in-country value creation.
“These are disciplined incentives, not blanket giveaways,” Tinubu stated. “They are investment-linked, focused on new capital deployment, increased production, strong Nigerian content delivery, and tangible domestic value addition.”
He further made it clear that the Bonga South-West project is expected to reach Final Investment Decision (FID) within the first term of his administration, underlining the project’s strategic importance to Nigeria’s economic recovery and long-term energy security.
The President noted that once operational, the project is projected to generate thousands of direct and indirect jobs, attract substantial foreign exchange inflows, and deliver consistent government revenues throughout its operational lifespan. He added that the development would deepen Nigeria’s capabilities in offshore engineering, fabrication, marine logistics, and other energy-related services.
Reaffirming his administration’s broader reform agenda, Tinubu pledged continued policy stability, regulatory clarity, and faster execution timelines to rebuild investor confidence in Nigeria’s oil and gas sector.
He revealed that Shell and its joint venture partners have invested close to $7 billion in Nigeria over the past 13 months, pointing to ongoing developments such as Bonga North and HI projects as evidence that Nigeria’s economic and energy-sector reforms are beginning to yield tangible results.
In his remarks, Shell CEO Wael Sawan acknowledged a marked improvement in Nigeria’s investment climate under the current administration, noting that the company’s confidence in long-term capital deployment in the country has grown significantly.
The Shell delegation included senior executives from both the company’s global leadership and its Nigerian operations.
