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President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South-West deep-offshore oil project.
He directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette in line with existing legal and fiscal frameworks.
The Special Adviser on Media and Public Communication to the President, Sunday Dare, disclosed this in a statement on Thursday in Abuja.
Tinubu, who received a Shell delegation led by Global Chief Executive Officer, Mr. Wael Sawan, at the State House in Abuja, said the incentives were disciplined, targeted, and globally competitive.
He said the measures were designed to attract fresh capital without undermining government revenues.
The President said: “These incentives are not blanket concessions.
“They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content delivery, and in-country value addition.
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“My expectation is clear: Bonga South-West must reach a Final Investment Decision within the first term of this administration.”
He described the project as strategic to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs.
He said the project would generate significant foreign-exchange inflows and deliver sustained government revenues throughout the project lifespan.
Tinubu added that the project would deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
He reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speedy execution to restore investor confidence.
The President noted that Shell and its partners invested nearly seven billion dollars in Nigeria within the past 13 months.
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