L-R: Peter Costello, President Upstream, Shell Plc, Wael Sawan, Global Chief Executive Officer Shell Plc and President Bola Tinubu during a visit by the Shell Executives to the President at the State House, Abuja. Thursday, January 22, 2026
Bonga South West: President Tinubu approves targeted incentives to boost jobs, FX inflows, and investment through Shell’s Bonga South West offshore oil project.
Friday, January 23, 2026 | Abuja
Bonga South West received a major policy lift as President Bola Ahmed Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed deep-offshore oil project by Shell and its partners.
According to a State House press release issued by the Special Adviser to the President on Media and Public Communication, Mr. Sunday Dare, the incentives are designed to attract new capital into the oil and gas sector while safeguarding government revenues. President Tinubu also directed the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to ensure the incentives are gazetted in line with Nigeria’s existing legal and fiscal frameworks.
Receiving a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, the President explained that the incentives tied to Bonga South West are disciplined, ring-fenced, and globally competitive, with a clear focus on incremental production and strong local content delivery.
“These incentives are not blanket concessions. They are investment-linked and focused on new capital, in-country value addition, and Nigerian participation across the value chain,” President Tinubu said, stressing that Bonga South West is expected to reach Final Investment Decision within the first term of his administration.
The President described Bonga South West as strategic to Nigeria’s economic growth, noting that the project has the potential to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows, and deliver sustained government revenues over its lifecycle. He added that it would further deepen local capacity in offshore engineering, fabrication, logistics, and energy services.
Reaffirming his administration’s commitment to policy stability and regulatory certainty, Tinubu said reforms in the energy sector are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale offshore investments, including Bonga South West.
He also disclosed that Shell and its partners have invested nearly US$7 billion in Nigeria within the last 13 months, particularly in Bonga North and HI projects, describing the investments as clear evidence that Nigeria’s economic and energy-sector reforms are delivering tangible results.
In his response, Mr. Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long-term investments, with Bonga South West seen as a flagship opportunity.
The Shell delegation included senior executives from the company’s global and Nigerian leadership.
Visit GMTNewsng for more news stories.
