RismadarVoice Reporters
January 25, 2026
Chief Executive Officer of Shell Plc, Mr Wael Sawan, has commended President Bola Ahmed Tinubu for creating a conducive investment climate in Nigeria, saying the company is ready to invest an additional $20 billion in the country.
Speaking at a meeting with the President at the Presidential Villa, Mr Sawan said Shell’s decision to expand its investments stems from the robust and visionary leadership of President Tinubu, which has restored investor confidence and positioned Nigeria as a leading destination for global oil companies.
Highlighting Shell’s recent investments, including $5 billion in Bonga North, $2 billion in HI, and gas projects linked to NLNG, Sawan described Nigeria as a stable environment for long-term investments.
“We have really been in a space where we are very keen to invest in Nigeria. 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.
Sawan further revealed that Shell is deepening its interest in Block OML 118, the Bonga Block, and is working on the Bonga Southwest project, which could see the company and its partners invest $20 billion, half in capital expenditure, half in operating expenses within the country.
“This will be one of the biggest energy projects in the world,” he said, describing the commitment as a “sea change” from previous years when Shell had been scaling back investments in Nigeria.
He also praised the President’s team for their professionalism, noting that it has strengthened Shell’s confidence to continue investing in the country.
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga Southwest deep offshore project and directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the process in accordance with Nigeria’s legal and fiscal frameworks.
“These incentives are not blanket concessions,” the President said.
“They are ring-fenced and investment-linked, focused on new capital, 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 meeting underscores the administration’s commitment to attracting foreign direct investment, boosting local content, developing Nigeria’s energy sector.
