Abuja, Jan. 26, 2026 – Mr Wael Sawan, the Chief Executive of Shell Plc, has pledged additional $20 billion investment in the Bonga Southwest project.
He made the commitment during a meeting with Tinubu at the Presidential Villa, Abuja.
According to a statement issued by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, sawan said Shell and its partners would be expanding its investments in Nigeria and ready to commit an additional $20 billion.
He praised President Bola Tinubu’ leadership for creating a conducive environment for investment in Nigeria, noting that the country has regained investor confidence under his administration.
“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.
“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,” Shell boss said.
He listed Shell’s recent investments in Nigeria to include $5 billion in Bonga North, $2 billion in the HI project, and contributions to the gas project at NLNG.
Sawan said Shell had deepened its stake in Block OML 118, the Bonga Block after acquiring assets from Total Energies.
He said the Bonga Southwest project could see an estimated $20 billion investment if it reaches a Final Investment Decision, with half of the investments allocated to capital expenditure and the rest for operating costs.
“This will be one of the biggest, I would say, energy projects in the world,” Sawan said.
The Shell boss also commended the professionalism of President Tinubu’s team.
“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.”
While responding, President Tinubu gave approval for the gazetting of targeted, investment-linked incentives to support the Bonga Southwest deep offshore oil project.
He directed Mrs Olu Arowolo-Verheijen, his Special Adviser on Energy, to facilitate the incentives within Nigeria’s legal and fiscal frameworks.
“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 Southwest must reach a Final Investment Decision within the first term of this administration,” the President said.
