Shell Plc Chief Executive Officer, Mr Wael Sawan, has credited Nigeria’s President, Bola Ahmed Tinubu, for what he described as a more stable and investor-friendly environment, saying the company is ready to deepen its investments in Africa’s largest economy.
Okay News reports that Mr Sawan spoke during a meeting with President Tinubu at the Presidential Villa in Abuja, Nigeria’s capital, where he said Shell and its partners are prepared to invest an additional $20 billion, mainly because the company believes the current direction of policy and governance is restoring investor confidence.
He said Nigeria under the Tinubu administration is now among the countries drawing major attention from international oil companies, especially for long-term offshore and gas projects.
Mr Sawan highlighted some of Shell’s recent commitments, including about $5 billion in the Bonga North project, about $2 billion in another investment referred to as HI, and support for a gas project tied to Nigeria Liquefied Natural Gas (NLNG), the country’s flagship natural gas export venture.
He said Shell’s interest is driven by the need for predictable conditions, explaining that large energy investments are planned over several decades, not just within a single political term.
According to him, Shell has also expanded its position in Oil Mining Lease (OML) 118, which includes the Bonga deep offshore block located off Nigeria’s coast. He said the company moved to buy the stake being sold by TotalEnergies, a major French energy company, because it wants a bigger footprint in the asset.
Mr Sawan said the company is now working on a further development called Bonga South West, and that if it reaches a Final Investment Decision (FID), Shell and its partners could invest around $20 billion in foreign direct investment. He explained that the funding would include both capital spending and operating costs that would flow into the Nigerian economy.
He described the proposed Bonga South West development as one of the largest energy projects globally, and added that Shell still sees additional opportunities in the Bonga area, including Bonga South, which he said is at a more advanced stage in the pipeline.
The Shell chief executive described the company’s new posture as a major shift from several years ago when it was reducing investment appetite in Nigeria, and he praised what he called the professionalism of the President’s team, saying it helped strengthen confidence for Shell and its partners.
At the meeting, President Tinubu approved the formal publication, also known as gazetting, of targeted incentives linked to investment for the proposed Bonga South West deep offshore oil project being promoted by Shell and its partners.
The President directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to work on completing the gazette process in line with Nigeria’s existing legal and fiscal frameworks, meaning the incentives must fit within current laws and tax rules.
President Tinubu said the incentives were not broad concessions, explaining that they would be limited to the project and tied directly to new investment, increased production, local content delivery, and more value-added activity inside Nigeria.
He also set a timeline expectation, saying the Bonga South West project should reach a Final Investment Decision within the first term of his administration.
The statement was signed by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, and dated Sunday, 25 January 2026.
