Tinubu’s leadership encouraged Shell’s planned $20bn energy investment — CEO
By Kunle Sanni –
The Chief Executive Officer of Shell Plc, Wael Sawan, has said President Bola Tinubu’s leadership and vision have played a decisive role in creating an investment climate that has encouraged the global energy company to commit up to $20 billion in potential new investments in Nigeria.
According to a statement by Bayo Onanuga, spokesperson to President Tinubu, Sawan made the remarks during a meeting with the President at the Presidential Villa on Thursday, saying Nigeria has emerged as one of the most attractive destinations for global energy investment under the current administration.
The Shell CEO said recent policy direction and stability under President Tinubu have helped restore investor confidence, positioning Nigeria favourably when compared with other investment destinations worldwide.
“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, particularly when we compare Nigeria with other investments around the world,” Sawan said.
He explained that Shell’s investment decisions are based on long-term planning, stressing that stability has become a premium factor for multinational corporations.
“We are not investing for one administration or for five or 10 years. We want to invest for 20, 30, 40 years and, in the case of Nigeria, for many, many decades,” he added.
Sawan disclosed that Shell has already made significant commitments in Nigeria, including $5 billion in the Bonga North project, $2 billion in the HI project, and additional investments in gas development for the Nigeria Liquefied Natural Gas (NLNG) project. He said these investments reflect the company’s confidence in the country’s economic and regulatory environment.
The Shell CEO also confirmed that the company recently increased its stake in OML 118 (Bonga Block) after acquiring interests previously held by TotalEnergies, noting that the move was part of a broader strategy to deepen Shell’s footprint in Nigeria.
