By Jemimah Wellington, JKNewsMedia Correspondent
PRESIDENTIAL APPROVAL has been granted for investment-linked incentives to support the proposed Bonga South-West deep offshore oil project by Shell and its partners endorsed by President Bola Tinubu in Abuja, Thursday.
JKNewsMedia.com reports the President as directing his Special Adviser on Energy, Mrs Olu Verheijen, to facilitate the gazetting of the incentives in line with Nigeria’s existing legal and fiscal frameworks.
Receiving a Shell delegation led by its Global Chief Executive Officer, Mr. Wael Sawan, President Tinubu said the incentives are disciplined, targeted and globally competitive, and designed to attract new capital without undermining government revenues.
A press release issued by Mr. Sunday Dare, Special Adviser to the President on Media and Public Communication, on January 22, 2026, notes that “these incentives are not blanket concessions,” the President said. “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 said 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 inflows, and deliver sustained government revenues over the life of the project.
He also added that the project would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.
The President further reaffirmed his administration’s commitment to policy stability, regulatory certainty and speed, saying the reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large scale energy investment.
He said Shell and its partners have invested nearly $7bn in Nigeria in the past 13 months, particularly in Bonga North and HI, describing the investment as a clear sign that Nigeria’s economic and energy sector reforms are delivering results.
Reacting, Mr. Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long term investment.
JKNewsMedia.com also observed that members of the Shell delegation included senior executives from the company’s global and Nigerian leadership.
