Tinubu approves incentives for job creation, Forex from Shell’s Bonga projects in South-West

*President Bola Ahmed Tinubu directs Olu Arowolo-Verheijen, his Special Adviser on Energy, to facilitate the gazette of the approved incentives in line with Nigeria’s existing legal and fiscal frameworks

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South-West deep-offshore oil project by Shell and its partners.

Tinubu directed Mrs. Olu Verheijen, his Special Adviser on Energy, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

The President stated this while receiving the Shell delegation, led by its Global Chief Executive Officer (CEO), Wael Sawan, in the State House, Abuja, FCT.

The Nigerian leader explained the approved incentives, disciplined, targeted, and globally competitive, are designed to attract new capital without undermining government revenues.

Chief Sunday Dare, Special Adviser to the President on Media and Public Communication, who stated this Thursday, January 22, 2026, noted President Tinubu also said: “These incentives are not blanket concessions.

“They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.

“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”

The President emphasised that the Bonga South-West project is strategic to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate significant Foreign Exchange (Forex) inflows, and deliver sustained government revenues over the life of the project.

Tinubu further stated that the project would deepen Nigeria’s participation in offshore engineering, fabrication, logistics, and energy services in the oil and gas sector of the economy.

The statement noted the President as well reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed.

According to him, these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.

The Nigerian leader disclosed that Shell and its partners had invested nearly US$7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI.

He described the development as a clear sign that Nigeria’s economic and energy-sector reforms are delivering results.

Speaking during the visit, Mr. Sawan said Nigeria’s investment climate had improved remarkably under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long-term investment.

Members of the Shell delegation included senior executives from Shell’s global and Nigerian leadership, the statement added.

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