The Chief Executive of Shell Plc, Mr Wael Sawan, has praised President Bola Tinubu’s leadership for creating a healthy climate for investments to thrive and restoring investor confidence. At a meeting with President Tinubu at the Presidential Villa, Sawan said Shell is deepening and expanding its investments in Nigeria, and the company is ready, alongside its partners, to invest an additional $20 billion, primarily because of the robust and bold leadership of the President.
“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case. 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, in particular, also as we compare to other investments around the world,” he said.
Sawan highlighted Shell’s recent investments, such as $5 billion in Bonga North, $2 billion in HI, and the gas project to NLNG, stating that the corporation is committed to long-term investments in the country, underscoring the stable economic environment.
The Shell CEO also announced that the corporation has deepened its interest in Block OML 118, the Bonga Block, and is working on a project, Bonga Southwest, that could see an investment of around $20 billion in foreign direct investment.
President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project by Shell and its partners. “These incentives are not blanket concessions,” the President stated. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
The President directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks. “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” President Tinubu added.
