Shell
Olayiwola Mercy
Shell’s CEO, Wael Sawan, has praised President Bola Tinubu’s leadership, citing it as a key factor in the company’s decision to invest an additional $20 billion in Nigeria. This investment is expected to boost the country’s economy and create thousands of jobs. Sawan highlighted Shell’s recent investments, including $5 billion in Bonga North, $2 billion in HI, and the gas project to NLNG, demonstrating the company’s commitment to Nigeria’s energy sector.
The investment is part of the Bonga Southwest deepwater oil project, which is expected to be one of the world’s largest energy projects. Shell and its partners plan to invest around $20 billion in foreign direct investment, with half allocated to capital expenditure and the rest for operating costs. This project is expected to create significant foreign-exchange inflows and deliver sustained government revenues over its lifetime .
Sawan commended President Tinubu’s team, describing them as outstanding professionals, and praised the President’s vision and leadership in creating a stable economic environment. He emphasized that Nigeria, under Tinubu’s administration, is attracting significant investment from global oil companies .
The President has approved targeted, investment-linked incentives to support the Bonga Southwest project, focusing on new capital, incremental production, local content delivery, and in-country value addition. Tinubu expects the project to reach a Final Investment Decision within his first term .
This investment is a significant vote of confidence in Nigeria’s economy and energy sector reforms. Shell’s commitment is expected to attract other investors, with potential investments reaching $30-50 billion by 2030. The project will also create opportunities for Nigerian businesses and workers, with fabrication yards in Lagos and Port Harcourt expected to be revived .
The Nigerian National Petroleum Company Limited (NNPC) has welcomed the investment, highlighting its potential to create thousands of jobs and stimulate economic growth. The company is working with Shell and other stakeholders to ensure the project’s success
