Shell CEO Wael Sawan has praised President Tinubu’s leadership and announced plans to invest $20bn in Nigeria’s energy sector, citing stability and investor confidence
Shell Ready to Inject $20bn into Nigeria as CEO Credits Tinubu’s Bold Leadership
The Chief Executive Officer of Shell Plc, Mr Wael Sawan, has commended President Bola Ahmed Tinubu for providing what he described as a stable and investor-friendly environment that has restored global confidence in Nigeria’s energy sector.
Sawan made the remarks during a high-level meeting with President Tinubu at the Presidential Villa, Abuja, according to a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
According to the statement, the Shell boss disclosed that the oil giant is not only deepening its footprint in Nigeria but is also prepared, alongside its partners, to invest an additional $20 billion in new energy projects—largely driven by what he called the President’s “robust and bold leadership.”
He noted that Nigeria, under the Tinubu administration, has emerged as one of the most attractive destinations for global oil and gas investments.
Highlighting Shell’s recent commitments, Sawan cited the company’s $5 billion investment in Bonga North, $2 billion in HI, and its ongoing gas projects linked to the Nigeria Liquefied Natural Gas (NLNG), stressing that Shell remains firmly committed to long-term investments in the country.
“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,” Sawan said.
He emphasised that stability remains a critical factor for multinational investors.
“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,” he added.
Speaking on Shell’s expansion plans, Sawan revealed that the company had increased its stake in OML 118 (Bonga Block) after acquiring interests divested by TotalEnergies.
“Total Energies was selling, so we bought it because we want to deepen further. But that, we think, is not enough,” he said.
According to him, Shell and its partners are currently advancing discussions on the Bonga South West project, which could attract up to $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
“Half of that will be capital. The other half will be the operating expenses and the like that will come into the country. This will be one of the biggest, I would say, energy projects in the world,” Sawan stated.
He described the renewed investment drive as a “sea change” from previous years when Shell was scaling back its operations in Nigeria.
“Your Excellency, to Bonga South West, 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,” he said.
Sawan also praised President Tinubu’s economic team, describing them as among the best professionals Shell works with globally.
“That leadership has put many of the people that we are working with, your team, amongst the best that we are dealing with anywhere in the world, and that professionalism allows us to have the confidence to continue to invest,” he concluded.
At the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project.
He further directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to ensure the incentives are gazetted in line with 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,” President Tinubu said.
The President added, “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.” Read More
