…Directs Olu Verheijen to design and to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks
FRI JAN 23 2026-theGBJournal| Shell Global CEO, Wael Sawan on Thursday informed Nigeria’s President Tinubu of plans to invest an additional $20 billion on the upcoming Bonga South West project.
Sawan revealed Shell’s intention when he led a delegation of top management of the energy giant on a visit to President Tinubu at the State House Abuja.
The Shell delegation included Peter Costello, President, Upstream, Shell Plc, and De Jong Marno, Executive Vice-President and Country Chair, Shell Nigeria.
The Nigeria Government delegation included Femi Gbajabiamila, Chief of Staff to the President; Ekperipe Ekpo, Minister of State for Petroleum Resources (Gas); Mr. Bayo Ojulari, GCEO, NNPC Limited; Dr. Zacch Adedeji, Executive Chairman, NRSNG; Ola Adeniji, Special Assistant to the President on Petroleum; Yasmin Mohammed, Special Assistant to the President (Energy Transition).
The visit, according to Olu Verheijen, Special Adviser to the President on Nigeria, reaffirms Shell’s long-term confidence in Nigeria and its strong commitment to supporting Nigeria’s oil and gas reforms, energy security goals, and broader economic ambitions.
During the Meeting, President Tinubu made a clear and firm fiscal commitment to back the proposed Bonga South West deep-offshore project by Shell and partners and ensure an enabling environment for its success.
Furthermore, he has directed Olu Verheijen to design and to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
”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 potential 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 project would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
Since the start of this administration, Shell has Invested US$7 billion in Nigeria, particularly in the Bonga North and HI projects which is expected to generate thousands of jobs and generate FX revenues as well.
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