SHELL CEO CREDITS TINUBU’S LEADERSHIP FOR PLANNED $20 BILLION NIGERIA INVESTMENT

The Chief Executive Officer of Shell Plc, Mr. Wael Sawan, has stated that the leadership and vision of President Bola Tinubu are the primary reasons the energy giant is prepared to invest an additional $20 billion in Nigeria. Sawan made the declaration during a meeting with President Tinubu at the Presidential Villa.

He praised the President for creating a healthy investment climate and restoring investor confidence, which has propelled Shell to deepen and expand its investments. Sawan emphasized that Nigeria under Tinubu is now a top destination for global oil company investments, contrasting with a previous period when Shell was pulling back.

“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,” Sawan said.

He detailed Shell’s recent commitments, including $5 billion in Bonga North and $2 billion in HI, alongside gas projects for NLNG. The major new project is Bonga Southwest, which Sawan described as potentially “one of the biggest energy projects in the world.” He stated that reaching a Final Investment Decision on Bonga Southwest could see Shell and its partners invest around $20 billion in foreign direct investment.

“Stability in today’s environment will honestly have a premium for corporates because we are investing not for one administration or five or 10 years, we want to invest for 20, 30, 40 years and in the case of Nigeria, for many, many decades,” Sawan added.

The Shell CEO also commended the professionalism of the President’s team, calling them “amongst the best that we are dealing with anywhere in the world.”

In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project. He directed his Special Adviser on Energy, Mrs. Olu Arowolo-Verheijen, to facilitate the process.

“These incentives are not blanket concessions,” President Tinubu 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 set a clear expectation, adding, “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”

Sawan described Shell’s renewed commitment as a “sea change” and thanked the President for the leadership that provided the “incremental incentives” making the massive project viable.