Trending 
President Bola Ahmed Tinubu has approved a new set of targeted incentives to accelerate Shell’s Bonga South West deep-offshore oil project, as part of broader efforts to attract fresh investment, expand oil production, and strengthen foreign exchange earnings.
The decision was announced in a press statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the incentives designed within Nigeria’s existing legal and fiscal framework will be formally gazetted and applied to the Bonga South West project and other deep-offshore developments.
President Tinubu has directed his Special Adviser on Energy, Olu Verheijen, to oversee the process.
The President said the measures were crafted to support new investments without eroding government revenue, noting that they are tied strictly to additional capital deployment, higher output, and stronger local content participation.
Tinubu stressed that the Bonga South West project has significant economic value for the country, with the potential to generate large-scale employment, boost foreign-exchange inflows, and deliver long-term revenue to the government. He also said the project would help build local capacity in offshore engineering, fabrication, logistics, and energy-related services.
As part of his administration’s wider energy-sector reforms, the President reiterated his commitment to policy consistency and regulatory clarity, arguing that certainty and speed are essential to restoring investor confidence in Nigeria’s oil and gas industry.
He added that the government expects Shell and its partners to reach a Final Investment Decision on the Bonga South West project within the current administration’s first term.
“These incentives are not blanket concessions. 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.”
The statement further disclosed that Shell and its partners have committed close to $7 billion to Nigerian operations over the past 13 months, largely in deep-water projects such as Bonga North and HI, which the Presidency described as evidence of improving investor confidence.
Meanwhile, Shell’s Global Chief Executive Officer, Wael Sawan, said the company has seen marked improvements in Nigeria’s investment sector, adding that the firm is increasingly confident about making long-term commitments in the country.
Senior executives from Shell’s global and Nigerian operations were part of the delegation that met with the President.
