President Bola Ahmed Tinubu has approved targeted, investment-linked incentives aimed at unlocking jobs, boosting foreign exchange inflows and accelerating Nigeria’s deep-offshore oil development, with a focus on Shell’s proposed Bonga South West project.
The approval, announced in a State House press release on Thursday, includes the gazetting of the incentives within Nigeria’s existing legal and fiscal frameworks. The President also directed his Special Adviser on Energy, Mrs Olu Verheijen, to ensure swift implementation of the policy measures.
Receiving a Shell delegation led by its Global Chief Executive Officer, Mr Wael Sawan, President Tinubu described the incentives as “disciplined, targeted and globally competitive,” stressing that they are designed to attract fresh capital without eroding 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.”
Tinubu made it clear that his administration expects the Bonga South West project to reach a Final Investment Decision (FID) within its first term, underscoring the urgency attached to unlocking the project’s economic benefits.
According to the President, the Bonga South West deep-offshore project is strategic to Nigeria’s economic recovery and growth. He said it has the potential to create thousands of direct and indirect jobs, generate significant foreign exchange earnings, and deliver sustained revenues to government over the project’s lifespan. He also noted that it would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
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Reaffirming his administration’s reform agenda, Tinubu emphasised the importance of policy stability, regulatory certainty and speed in restoring investor confidence and repositioning Nigeria as a preferred destination for large-scale energy investments.
He further revealed that Shell and its partners have invested nearly $7 billion in Nigeria over the past 13 months, particularly in Bonga North and HI projects, describing the development as evidence that recent economic and energy-sector reforms are yielding tangible results.
In his remarks, Shell CEO Wael Sawan commended the Tinubu administration for improving Nigeria’s investment climate, saying the company is increasingly confident about committing long-term capital to the country.
Members of Shell’s global and Nigerian leadership were present at the meeting.
The Federal Government believes the latest incentives will not only catalyse the Bonga South West project but also unlock broader deep-offshore investments critical to Nigeria’s energy security, job creation and economic diversification.