- Details Of President Tinubu’s Meeting With Shell Officials Emerge.
- President demands Final Investment Decision within first term.
- Shell confirms improved investment climate under Tinubu administration.
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 also directed his Special Adviser on Energy, Mrs Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
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EKO HOT BLOG reports that the approval was granted on Thursday when President Tinubu received a Shell delegation led by its Global Chief Executive Officer, Mr Wael Sawan, at the State House in Abuja.
According to a statement by the President’s Special Adviser on Media and Public Communication, Mr Sunday Dare, Tinubu said the incentives were disciplined, targeted and globally competitive, aimed at attracting new capital without undermining government revenues.
“These incentives are not blanket concessions,” the President said. “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 described the Bonga South West project as strategic to Nigeria’s economy, noting that it has the potential to create thousands of direct and indirect jobs, generate substantial foreign exchange inflows, and deliver sustained government revenues throughout the life of the project.
He added that the project 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 measures are essential to restoring investor confidence and positioning Nigeria as a preferred destination for large scale energy investments.
Tinubu also disclosed that Shell and its partners have invested nearly seven billion dollars in Nigeria in the past 13 months, particularly in Bonga North and HI, describing the investments as evidence that Nigeria’s economic and energy sector reforms are yielding results.
In his remarks, Mr Sawan said Nigeria’s investment climate has improved significantly under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long term investment.
Members of the delegation included senior executives from Shell’s global and Nigerian leadership.
