Wael Sawan, Chief Executive Officer of Shell Plc, has commended President Bola Tinubu for restoring investor confidence and improving Nigeria’s investment climate.
According to a statement on Sunday by presidential spokesperson, Bayo Onanuga, Mr Sawan spoke during a meeting at the Presidential Villa, Abuja.
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The Shell CEO said the multinational oil company was deepening investments in Nigeria and, with partners, ready to commit an additional $20 billion due to the President’s vision.
“Nigeria under your administration has emerged as a major destination for global oil and gas investments,” Mr Sawan noted.
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He highlighted recent Shell projects, including $5 billion in Bonga North, $2 billion in HI, and gas projects linked to Nigeria LNG.
“These investments reflect Shell’s long-term commitment, anchored on Nigeria’s improving economic stability.
“Your leadership and vision have created an investment climate that propelled us to invest, especially compared with other opportunities globally,” Mr Sawan said.
He stressed that long-term stability now carries a premium for corporations investing over decades rather than short political cycles.
Mr Sawan disclosed Shell increased its stake in OML 118, the Bonga Block, following TotalEnergies’ exit.
“We believe there is more to invest here. Bonga South West could attract about $20 billion in foreign direct investment,” he said.
He explained roughly half of the investment would be capital expenditure, the remainder on operations within Nigeria.
Mr Sawan described Bonga South West as one of the world’s largest prospective energy investments.
According to him, Shell also sees further opportunities, including Bonga South, still in development stages.
Mr Sawan said Shell’s renewed commitments represented a “sea change” from previous years when investments in Nigeria were declining.
“I thank you for leadership providing incremental incentives that give us clear line of sight to this investment,” he added.
He praised members of the President’s economic and energy team for professionalism and competence.
“Your team ranks among the best we work with globally, giving us confidence to keep investing,” Mr Sawan said.
At the meeting, Mr Tinubu approved gazetting targeted, investment-linked incentives for Bonga South West deep offshore project.
ALSO READ: Shell signals fresh $20bn investment push in Nigeria
The President directed Special Adviser on Energy, Olu Arowolo-Verheijen, to facilitate the gazette within existing legal and fiscal frameworks.
“These incentives are not blanket concessions. They are ring-fenced, investment-linked and focus on new capital and local value addition,” Mr Tinubu said.
He added his expectation for Bonga South West to reach Final Investment Decision within his first term. (NAN)
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