The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has linked Shell’s latest investment proposal in Nigeria to what he described as an improved investment climate and growing investor confidence in President Bola Tinubu’s leadership.
Mr Ojulari spoke on Thursday while addressing journalists at the State House after a Shell delegation met with President Tinubu in Abuja.
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He said global investors are increasingly competing for limited capital, and that Shell’s renewed interest in investing in the country reflects confidence in the president’s transparency agenda and policy delivery.
“Everybody is competing for global capital,” the official said. “It is because of the confidence they have in the leadership Mr President has demonstrated — not just what has been said, but what investors can touch and feel — particularly around transparency and commitment to the president’s agenda.”
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According to Mr Ojulari, Shell has commenced discussions aimed at advancing the proposed Bonga South West deep-offshore project towards a final investment decision (FID), with capital expenditure estimated at close to $10 billion, alongside significant operating expenses over the life of the project.
He said the scale of the investment underscores renewed commitments from international oil companies, driven by Nigeria’s enhanced investment environment and policy direction under the Tinubu administration.
Mr Ojulari added that the Bonga South West project is emerging as a critical test case for Nigeria’s ability to attract large-scale offshore investments.
On Thursday, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West project and other similar deep-offshore developments.
The approval followed a meeting between the president and a Shell delegation led by the company’s Global Chief Executive Officer, Wael Sawan.
At the meeting, Mr Sawan signalled a renewed and expanded investment push in Nigeria, citing improved political stability, policy consistency, and leadership as key factors driving Shell’s confidence in the country’s energy sector.
Prospects and opportunities
Speaking about the deal on Thursday, Mr Ojulari said that beyond the headline investment figures, the Bonga South West project would have far-reaching economic implications, particularly in job creation and the revival of Nigeria’s idle fabrication yards.
“It means more jobs during the construction phase and significant opportunities for Nigerians to participate,” he said. “Most of the fabrication yards that have been closed for years because we didn’t have projects will come back to life.”
He noted that many Nigerians had invested heavily in fabrication facilities that have remained dormant due to the absence of major projects, adding that the Bonga South West development could reverse that trend.
The NNPC boss said the benefits would extend beyond the construction phase, with employment opportunities expected to span 20 to 30 years over the life of the project.
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According to him, the long-term gains would include sustained demand for manpower, materials, maintenance services, and other supply-chain activities supported by operating expenditure.
Describing the project as a “huge undertaking,” Mr Ojulari said Shell’s global leadership personally visited Nigeria to reaffirm the company’s commitment, underscoring the seriousness of its investment intentions.
He added that NNPC Ltd, as the concession holder for Nigeria’s production sharing contracts (PSCs) with international oil companies such as Shell, Chevron, and ExxonMobil, would continue to work with investors and relevant government agencies to develop proposals capable of securing timely regulatory approvals.
“Our responsibility is to be the conscience of the government and the conscience of Nigerians,” he said, “ensuring that the assumptions and promises being made are correct and authentic.”
