By Danjuma Amodu | January 23, 2026
President Bola Ahmed Tinubu has approved the gazetting of investment‑linked incentives for Shell’s proposed Bonga South West deep‑offshore oil development, aiming to attract fresh capital, create thousands of jobs, and boost foreign‑exchange earnings.
This was disclosed in a State House press release signed by Sunday Dare, Special Adviser to the President on Media and Public Communication.
The President directed his Special Adviser on Energy, Mrs Olu Verheijen, to ensure the incentives are published in accordance with Nigeria’s existing legal and fiscal frameworks. He stressed that the measures are “disciplined, targeted, and globally competitive,” and will be ring‑fenced to new capital and incremental production, with strong local‑content requirements and in‑country value addition.
“These incentives are not blanket concessions,” President Tinubu said. “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”
He added that the project will deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services while delivering sustained government revenue over its life‑cycle.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, noting that such reforms are essential to restore investor confidence and position Nigeria as a preferred destination for large‑scale energy investment. He highlighted that Shell and its partners have already invested nearly US$7 billion in Nigeria over the past 13 months, particularly in Bonga North and HI, signalling that the government’s economic and energy‑sector reforms are yielding results.
Shell’s Global Chief Executive Officer, Wael Sawan, welcomed the move, stating that Nigeria’s investment climate has improved markedly under President Tinubu and that Shell is increasingly confident in the country as a long‑term investment destination. The Shell delegation included senior executives from both its global and Nigerian operations.
The announcement was made during a courtesy call at the State House, Abuja, attended by senior government officials, including the Chief of Staff, Rt Hon Femi Gbajabiamila; Minister of State for Petroleum Resources (Gas), Rt Hon Ekperipe Ekpo; Special Adviser on Energy, Mrs Olu Arowolo Verheijen; GCEO of NNPC, Mr Bayo Ojulari; Executive Chairman of the Nigerian Revenue Service, Dr Zacch Adedeji; and Senior Special Assistant on Energy Transition, Yasmin Mohammed.
