Speaking during a meeting with President Tinubu at the Presidential Villa, Sawan said Shell is deepening its commitment to Nigeria and is ready to invest an additional $20 billion alongside its partners. He attributed the renewed confidence to the “robust and bold leadership” of the President.
Sawan highlighted Shell’s recent major investments in Nigeria, including $5 billion in Bonga North, $2 billion in HI, and ongoing gas projects linked to Nigeria Liquefied Natural Gas (NLNG). He noted that these investments reflect Shell’s long-term commitment to the country and confidence in its economic stability.
“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case. Your leadership and your vision have created an investment climate over the last few years that, I will be very honest with you, propelled us to invest,” he said.
$20bn Bonga South West Project in Focus
Sawan also revealed that Shell has intensified its interest in OML 118, the Bonga Block, after acquiring assets from TotalEnergies. He said the company is now working on the Bonga South West project, which could attract around $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
“This will be one of the biggest, I would say, energy projects in the world,” he said, adding that Shell still sees more opportunities in the region.
“Sea Change” in Investment Strategy
The Shell CEO described the new commitments as a “sea change” compared to several years ago when the company was scaling back investments in Nigeria. He thanked President Tinubu for providing incremental incentives that have boosted investor confidence in the project.
He also praised the professionalism of the President’s team, describing them as among the best Shell deals with globally.
Tinubu Approves Targeted Incentives
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project. The incentives are designed to be ring-fenced and focused on new capital, incremental production, local content delivery, and in-country value addition, rather than blanket concessions.
The President directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to facilitate the gazetting of these incentives within Nigeria’s legal and fiscal frameworks.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” President Tinubu said.
The development marks a significant boost for Nigeria’s energy sector and reinforces the government’s strategy to attract large-scale foreign investment through policy stability and targeted incentives.