Tinubu approves incentives to boost Shell’s Bonga South-West project, attract jobs, FX inflows

By Kunle Sanni –

President Bola Tinubu has approved targeted, investment-linked incentives aimed at accelerating Shell’s proposed Bonga South-West deep-offshore oil project and other similar offshore developments, in a move to unlock jobs, foreign exchange inflows and long-term government revenue.

The approval includes the gazetting of the incentives within Nigeria’s existing legal and fiscal frameworks. The President also directed the Special Adviser on Energy, Mrs Olu Verheijen, to ensure swift implementation of the measures.

The decision was announced during a meeting at the State House, Abuja, where President Tinubu received a Shell delegation led by its Global Chief Executive Officer, Mr Wael Sawan.

President Tinubu described the incentives as disciplined, targeted and globally competitive, stressing that they are designed to attract new capital without eroding government revenues.

“These incentives are not blanket concessions,” the President said, noting that they are ring-fenced and investment-linked, with a focus on new capital, incremental production, strong local content delivery and in-country value addition.

He added that his administration expects the Bonga South-West project to reach Final Investment Decision (FID) within the first term of his government.

According to the President, the project is strategic to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate significant foreign exchange inflows and deliver sustained revenues over its lifespan. He said it would also deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.

President Tinubu reaffirmed his administration’s commitment to policy stability, regulatory certainty and faster approvals, describing them as essential to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investments.