By Erewunmi Peace

President Bola Ahmed Tinubu has approved targeted investment incentives for Shell’s proposed Bonga South-West deep-offshore oil project, as part of efforts to boost foreign investment, job creation, and revenue in Nigeria’s energy sector.

The approval was granted following a meeting between the President and senior executives of Shell Plc, led by the company’s Global Chief Executive Officer, Wael Sawan, at the Presidential Villa in Abuja.

According to the Presidency, the incentives are investment-linked and carefully structured to attract new capital without undermining government revenue. President Tinubu directed that the incentives be formally gazetted within Nigeria’s existing legal and fiscal framework.

Speaking on the decision, the President described the incentives as disciplined, targeted, and globally competitive, stressing that they are aimed at unlocking stalled deep-offshore projects and increasing crude oil production.

He noted that the Bonga South-West project has the potential to create thousands of jobs, generate significant foreign-exchange inflows, and strengthen local content participation.

The President also expressed optimism that the project would reach Final Investment Decision (FID) during his administration, adding that it would deepen Nigerian involvement in offshore engineering, fabrication, logistics, and energy services.

Shell executives welcomed the approval, saying it reflects improved investor confidence in Nigeria’s oil and gas sector.

They reaffirmed the company’s commitment to long-term investment and partnership with Nigeria.

The Bonga South-West project is considered a key development in Nigeria’s deep-offshore sector and is expected to contribute significantly to national economic growth once fully operational.