The Chief Executive Officer of Shell Plc, Mr Wael Sawan, has praised President Bola Tinubu’s leadership and vision, saying they have restored investor confidence and created a stable environment that is encouraging the company to deepen its investments in Nigeria.
Sawan spoke during a meeting with President Tinubu at the Presidential Villa, where he disclosed that Shell, alongside its partners, is prepared to invest an additional $20 billion in Nigeria, largely driven by what he described as the President’s robust and decisive leadership.
According to him, Nigeria under the Tinubu administration has emerged as one of the countries attracting significant interest from global oil and gas companies.
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He highlighted Shell’s recent investments in the country, including $5 billion in Bonga North, $2 billion in HI, and ongoing gas projects linked to the Nigeria Liquefied Natural Gas (NLNG) facility, noting that the company remains committed to long-term investment in Nigeria.
“We have really been in a space where we are very keen to invest in Nigeria. This has not always been the case. Your leadership and vision have created an investment climate over the last few years that has propelled us to invest, especially when we compare Nigeria with other investment destinations around the world,” Sawan said.
He stressed that stability has become a premium consideration for global corporations, adding that Shell’s investment outlook spans decades rather than short political cycles.
“Corporates are investing not for one administration or five or ten years. We are investing for 20, 30, 40 years, and in Nigeria’s case, for many decades,” he added.
On Shell’s expanding footprint, Sawan said the company recently increased its stake in OML 118 (Bonga Block) after acquiring interests previously held by TotalEnergies, describing the move as part of a broader strategy to deepen its presence in Nigeria.
He revealed that Shell is working on the Bonga South West project, which could attract about $20 billion in foreign direct investment if it reaches the Final Investment Decision (FID) stage. He explained that roughly half of the amount would be capital expenditure, with the remainder covering operational and related costs within the Nigerian economy.
“This will be one of the biggest energy projects in the world,” Sawan said, adding that Shell is also exploring further opportunities, including the Bonga South project.
Describing the company’s renewed commitment as a “sea change,” Sawan said Shell had scaled back investments in Nigeria several years ago but has now regained confidence due to policy stability and leadership.
He commended President Tinubu for approving targeted incentives linked to the Bonga South West project, saying the measures provided the clarity needed for Shell and its partners to proceed.
Sawan also praised the President’s economic team, describing them as highly professional and among the best Shell works with globally, a factor he said has further boosted investor confidence.
At the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project. He directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the process in line with Nigeria’s existing legal and fiscal frameworks.
“These incentives are not blanket concessions,” the President said. “They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content delivery and in-country value addition.”
President Tinubu added that his administration expects the Bonga South West project to reach a Final Investment Decision within its first term, underscoring the government’s commitment to driving major energy investments and economic growth.
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