President Bola Tinubu has approved the gazetting of targeted, investment linked incentives to support Shell’s proposed Bonga South-West deep offshore oil project, aimed at accelerating fresh capital inflows into Nigeria’s energy sector. The approval, disclosed by the President’s media adviser, is expected to fast track Shell’s Final Investment Decision and reinforce investor confidence in Nigeria’s deepwater assets.
President Tinubu said the incentives are narrowly designed, ring fenced, and tied strictly to new capital deployment, incremental production, strong local content delivery, and in country value addition. He stressed that the measures are not blanket concessions but strategic tools to unlock investment, boost output, create jobs, and strengthen foreign exchange earnings. The President added that Shell and its partners have invested nearly $7 billion in Nigeria in the past 13 months.
The Bonga South-West Aparo project, estimated at about $10 billion, has an expected capacity of 225,000 barrels per day. Recent FIDs on Bonga North and the HI Gas Project signal renewed momentum in Nigeria’s deep offshore and gas sectors under ongoing reforms.
