By Micah Jonah
January 26, 2026
President Bola Ahmed Tinubu on Sunday received strong endorsement from the Chief Executive Officer of Shell Plc, Wael Sawan, who commended the administration for restoring investor confidence and positioning Nigeria as a major destination for global oil and gas investments.
Speaking during a meeting at the Presidential Villa in Abuja, Sawan said Shell and its partners were prepared to commit additional investments estimated at about 20 billion dollars into Nigeria’s deep offshore sector, citing improved policy direction and economic stability under the current administration.
According to him, Nigeria has re emerged as a competitive investment environment compared with other global energy destinations, largely due to reforms and engagement by the federal government.
Sawan disclosed that Shell has already committed about five billion dollars to the Bonga North project and two billion dollars to other offshore and gas related developments linked to the Nigeria LNG value chain.
He said Shell recently increased its stake in Oil Mining Lease 118, popularly known as the Bonga Block, following the exit of TotalEnergies, adding that the company sees further growth prospects in the Bonga South West and Bonga South fields.
The Shell boss described Bonga South West as one of the world’s largest undeveloped deep offshore energy prospects, capable of attracting up to 20 billion dollars in foreign direct investment, with a significant portion expected to be spent within Nigeria on operations, services and local content.
He noted that multinational corporations now place high value on long term stability and predictable policy frameworks when making multi decade investment decisions.
Sawan also praised the President’s economic and energy team, describing them as professional and responsive, which he said has strengthened investor confidence and encouraged renewed commitment to Nigeria’s energy sector.
In response, President Tinubu approved the gazetting of targeted and investment linked fiscal incentives for the Bonga South West deep offshore project, directing the Special Adviser on Energy, Olu Arowolo Verheijen, to ensure implementation within existing legal and fiscal frameworks.
The President said the incentives were not blanket concessions but were designed to support new capital inflow and local value creation in strategic energy projects.
He further expressed optimism that the Bonga South West project would reach Final Investment Decision within the tenure of his current administration, describing it as critical to boosting national revenue, employment and foreign exchange earnings.
Energy analysts say renewed large scale offshore investments could significantly improve Nigeria’s crude output capacity, strengthen the country’s position in the global energy market while supporting domestic economic recovery.
