Shell Plc has expressed renewed confidence in Nigeria’s investment climate, with its Chief Executive Officer, Mr. Wael Sawan, commending President Bola Ahmed Tinubu for what his “bold and visionary leadership”.
According to Sawan, Tinubu’s leadership has restored investor trust and positioned the country as a prime destination for global energy investments.
Speaking during a meeting with President Tinubu at the Presidential Villa, Abuja, Sawan disclosed that Shell is not only deepening its existing footprint in Nigeria but is also preparing, alongside its partners, to commit up to $20 billion in new investments.
He attributed the decision largely to the stability and policy direction introduced under the Tinubu administration.
Shell Plc CEO noted that Nigeria has emerged as one of the most attractive jurisdictions for international oil and gas companies, noting that leadership clarity and economic stability now play a decisive role in long-term corporate investment decisions.
He said Shell’s renewed interest reflects a broader shift from the cautious posture the company adopted in previous years.
Highlighting ongoing projects, the Shell chief executive pointed to major investments already undertaken, including $5 billion in the Bonga North project, $2 billion in HI, and significant commitments to gas supply for the Nigeria Liquefied Natural Gas (NLNG) project.
These, he said, demonstrate Shell’s long-term confidence in Nigeria’s energy sector and its operating environment.
“We have really been in a space where we are very keen to invest in Nigeria, but that has not always been the case,” Sawan noted.
Propelled to invest
“Your leadership and vision have created an investment climate over the last few years that has genuinely propelled us to invest, especially when we compare Nigeria with other investment destinations globally.”
He stressed that stability has become a premium consideration for global corporations, given that energy investments are planned over several decades rather than political cycles.
“We are investing not for one administration or five or ten years, but for 20, 30, or 40 years—and in Nigeria’s case, for many decades,” he added.
Sawan further revealed that Shell has expanded its stake in Oil Mining Lease (OML) 118, popularly known as the Bonga Block, following its acquisition of interests previously held by TotalEnergies.
He said the move was part of a broader strategy to deepen Shell’s offshore portfolio in Nigeria.
Looking ahead, he explained that Shell and its partners are advancing plans for the Bonga South West project, which could attract about $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
He described the project as potentially one of the largest energy developments in the world, with half of the investment going into capital expenditure and the rest supporting operations and in-country economic activity.
Describing the renewed commitments as a “sea change” from the period when Shell was scaling back investments, Sawan thanked President Tinubu for providing targeted incentives and for assembling what he called a highly professional and competent energy team.
Bonga South West deep offshore project
In response, President Tinubu approved the gazetting of investment-linked incentives to support the proposed Bonga South West deep offshore project.
He directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to ensure the incentives are implemented within Nigeria’s 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, and in-country value addition.”
President Tinubu expressed confidence that the project would advance swiftly, adding, “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”
