PRESIDENT TINUBU APPROVES TARGETED INCENTIVES TO UNLOCK JOBS, FX INFLOWS FROM SHELL’S BONGA SOUTH WEST PROJECT AND OTHER DEEP-OFFSHORE PROJECTS

President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell and its partners.
The President has also directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
Speaking on the development, the Special Adviser to the President on Media and Public Communication, Mr. Sunday Dare, said the approval underscores President Tinubu’s commitment to disciplined reforms that attract investment while safeguarding national revenue interests.
According to Dare, President Tinubu, while receiving a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, made it clear that the incentives are disciplined, targeted, and globally competitive, aimed at attracting new capital without undermining government revenues.
“These incentives are not blanket concessions,” the President stated. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”
President Tinubu emphasised that the Bonga South West project is strategic to Nigeria’s economy, with the capacity to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows, and deliver sustained government revenues over the life of the project. He added that the initiative would further deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, stressing that these pillars are essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.
He further noted that Shell and its partners have invested nearly US$7 billion in Nigeria over the past 13 months, particularly in Bonga North and HI projects, describing this as clear evidence that Nigeria’s economic and energy-sector reforms are yielding positive results.
In his remarks, Mr. Sawan commended the improved investment climate under the Tinubu administration, stating that Shell is increasingly confident in Nigeria as a destination for long-term energy investment.
Members of the Shell delegation included senior executives from Shell’s global and Nigerian leadership.