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Tinubu urges Shell to increase investments as Nigeria advances EoDB in economy

President Bola Ahmed Tinubu in a Group Photograph with the Management of Shell Group and Other Top Government Officials, in Abuja, FCT Photo: State House

*President Bola Ahmed Tinubu assures the visiting Management of Shell Petroleum Development Company of Nigeria to the State House, Abuja, that his administration will continue to ensure the security and viability of both existing and new investments through the Ease of Doing Business policy in the country

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu Thursday, December 7, 2023, in Abuja, FCT, expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC) in view of the administration’s efforts at advancing the Ease of Doing Business (EoDB) in the West African country.

President Tinubu, who stated this while receiving the Management of Shell Group, led by Ms. Zoe Yujnovich, the oil giant’s Global Integrated Gas and Upstream Director, emphasised Nigeria’s long-term relationship with the company.

ConsumerConnect reports the SPDC discovered the first commercial oil field, in 1956, at Oloibiri in the Niger Delta region of the country.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, Thursday, stated Tinubu said his administration would continue to ensure the security and viability of existing and new investments in the country.

The Nigerian leader stated: “We have made progress since our last meeting. I will continue to support and encourage you on this path.

“There is no doubt that there is a significant focus on investment in and around the continent.

“I am spearheading Nigeria’s global march for new investments at home.”

President Tinubu also told the visiting Shell team: “In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.

“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large scale investment in all key sectors. We need each other.”

Shell Group’s commitment to legacy of onshore investments in Nigeria

In her remarks on behalf of the Shell Group, Ms. Yujnovich expressed the company’s commitment to maintaining its legacy of onshore investments in Nigeria.

This, she noted, is in  particular reference to how She’ll is refocusing its investment to key into new and existing opportunities in the gas sector of the economy.

Yujnovich also underlined the company’s dedication to the development of the gas value chain in the country, including a substantial commitment of $1 billion over the next five to 10 years.

The project is aimed at unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project, stated the Presidential media aide.

The oil giant’s Global Integrated Gas and Upstream Director further announced an imminent $5 billion investment opportunity in the Bonga North project, off the shores of Nigeria, located in the deep water.

Yujnovich equally expressed Shell’s eagerness to proceed with this investment and outlined several prospective investments which Shell Group is eyeing in Nigeria over the short to medium term. She commended the collaboration her team had enjoyed with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen.

The Director as well acknowledged the top government officials’ roles in achieving significant progress in actualising the potential of these projects as well as others.

“”Mr. President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring new more investments to Nigeria.

“I have made commitments to our investors that we will continue to invest in gas and oil.”

She stated: “In Nigeria, I see all the conditions to continue to make this partnership stronger.

“In the deep water, we have an imminent investment opportunity in Bonga North. This is $5 billion.

“I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria.”

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