Monday, January 26, 2026 - The Chief Executive of Shell Plc, 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, Mr 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.
He emphasised that Nigeria, under the Tinubu administration,
is one of the countries attracting significant investment from global oil
companies.
Highlighting Shell’s recent investments, such as $5 billion
in Bonga North, $2 billion in HI, and the gas project to NLNG, Mr Sawan stated
that the corporation is committed to long-term investments in the country,
underscoring the stable economic environment.
“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.
“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.”
Speaking on the expansion of Shell’s investments in Nigeria,
Mr Sawan said the corporation has also deepened its interest in Block OML 118,
the Bonga Block.
“Total Energies was selling, so we bought it because we want
to deepen further. But that, we think, is not enough. We think there is more to
invest here, and we understand the vision that you have for the country. And so
we are indeed working on a project, Bonga Southwest, that could, if we reach an
FID stage, see us, with our partners, invest around $20 billion in foreign
direct investment, half of which will be capital. The other half will be the
operating expenses and the like that will come into the country,” he said.
“This will be one of the biggest, I would say, energy
projects in the world.”
Speaking further, he added: “We still see opportunities like
Bonga South, which is further in the funnel, to be able to continue to invest.”
Mr Sawan described Shell’s new commitments as a “sea change”
from where it was several years ago, when the corporation was pulling back on
investments in the country.
“Your Excellency, to Bonga Southwest, that huge project, I
would like to thank you. I want to thank you for the leadership you have shown
there to be able to provide the incremental incentives that are now getting us
line of sight to an investment in this project with our partners,” the Shell
Chief Executive thanked the president.
He also commended the president’s team, describing them as
outstanding professionals.
“And that leadership, I would also say, has put many of the
people that we are working with, your team, are amongst the best that we are
dealing with anywhere in the world, and that professionalism allows us to be
able to have the confidence, and I would say our partners as well, to have the
confidence to continue to invest,” he concluded.
At the meeting, Mr 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.
The president also directed his Special Adviser on Energy,
Olu Arowolo-Verheijen, to facilitate the gazette of the incentives in line with
Nigeria’s existing legal and fiscal frameworks.
“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.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” President Tinubu added.
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