Shell CEO praises Tinubu’s leadership …Commits $20bn to Nigerian energy projects
The Chief Executive Officer of Shell Plc, Wael Sawan, has commended President Bola Tinubu for what he described as bold and visionary leadership that has created a stable and attractive investment climate in Nigeria.
Speaking during a meeting with the President at the State House, Abuja, Sawan disclosed that Shell, in partnership with other investors, is prepared to commit an additional $20 billion to energy projects in the country.
He attributed the decision largely to renewed confidence inspired by the Tinubu administration.
Sawan stated that Nigeria has now become one of the countries attracting significant investments from global oil companies due to improved policy clarity and economic stability.
Highlighting Shell’s recent investments, he listed a $5 billion commitment in Bonga North, $2 billion in HI, and major gas supply projects linked to Nigeria LNG Limited (NLNG).
He stressed that Shell remained committed to long-term operations in Nigeria.
“We have really been in a space where we are very keen to invest in Nigeria, but this has not always been the case.
“Your leadership and vision have created an investment climate that has propelled us to invest, especially when compared with other opportunities around the world,” Sawan said.
He noted that stability now carried a premium for multinational corporations seeking to invest over long horizons, adding, “We are investing not for one administration or five or ten years.
”We want to invest for 20, 30, 40 years and, in the case of Nigeria, for many decades.”
Sawan also revealed that Shell has increased its stake in Oil Mining Lease (OML) 118, also known as the Bonga Block, following the exit of TotalEnergies.
He described the move as part of a broader strategy to deepen the company’s footprint in Nigeria.
Plans are also being advanced for the Bonga South West project, which, if it reaches Final Investment Decision (FID), could attract about $20 billion in foreign direct investment.
“This will be one of the biggest energy projects in the world,” Sawan said, adding that other opportunities, including Bonga South, remain under consideration.
Describing the renewed investment push as a “sea change,” Sawan noted that the company had previously scaled back investments in Nigeria but has now reversed course due to improved governance and policy incentives.
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga South West deep offshore project.
He directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to facilitate the process in line with existing legal and fiscal frameworks.
“These incentives are not blanket concessions,” the President said.
“They are ring-fenced, investment-linked and focused on new capital, incremental production, strong local content delivery and in-country value addition.”
The President added that his expectation is for the Bonga South West project to reach Final Investment Decision within the first term of his administration.
