THIS DAWN — The Chief Executive Officer of Shell Plc, Mr. Wael Sawan, has praised President Bola Ahmed Tinubu’s leadership and reform agenda, declaring that it is the key reason Shell is prepared to invest an additional $20 billion in Nigeria.
Tinubu’s Leadership Restores Investor Confidence
Speaking during a meeting with President Tinubu at the Presidential Villa, Abuja, Mr. Sawan said Nigeria’s investment climate has significantly improved under the current administration, restoring confidence among global investors.
According to him, Shell is not only deepening its existing investments in Nigeria but is also prepared, alongside its partners, to commit fresh capital primarily because of the President’s “robust and bold leadership.”
“Your leadership and your vision have created an investment climate over the last few years that propelled us to invest, especially when we compare Nigeria to other investment destinations around the world,” Sawan stated.
Nigeria Among Top Global Investment Destinations
The Shell CEO noted that Nigeria is now one of the countries attracting major investments from international oil companies, citing the stability and policy clarity introduced by the Tinubu administration.
He reaffirmed Shell’s long-term commitment to Nigeria, stressing that the company invests with a multi-decade outlook.
“We are investing not for one administration, or five or ten years. We want to invest for 20, 30, 40 years—and in Nigeria’s case, for many decades,” he said.
Major Projects Already Underway
Mr. Sawan highlighted Shell’s recent major investments, including:
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$5 billion in the Bonga North project
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$2 billion in HI
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Continued gas investments linked to Nigeria LNG (NLNG)
These, he said, demonstrate Shell’s confidence in Nigeria’s economic stability.
Bonga South West Project Could Attract $20 Billion
On future plans, the Shell CEO disclosed that the company has increased its stake in OML 118 (Bonga Block) after acquiring interests previously held by TotalEnergies.
He revealed that Shell and its partners are working on the Bonga South West deep offshore project, which could attract about $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
“Half of that amount will be capital investment, while the other half will come into the country through operating expenses and related costs,” Sawan explained, describing the project as potentially “one of the biggest energy projects in the world.”
From Withdrawal to ‘Sea Change’
Mr. Sawan described Shell’s renewed investment drive as a “sea change” from previous years when the company was scaling back operations in Nigeria, attributing the turnaround directly to improved leadership, incentives, and professionalism within government.
He also praised President Tinubu’s team, calling them among the best professionals Shell works with globally.
Tinubu Approves Investment-Linked Incentives
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 ensure the incentives are gazetted in line with Nigeria’s 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.”
Clear Timeline for Final Investment Decision
President Tinubu emphasized that the Federal Government expects swift progress on the project.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” he stated.
