- Safiu Kehinde
President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South-West deep-offshore oil project.
In effect with the approval, Tinubu reportedly directed his Special Adviser on Energy, Mrs Olu Verheijen, to facilitate the gazette in line with existing legal and fiscal frameworks.
This was made known in a statement issued on Thursday by the Special Adviser to the President on Media and Public Communications, Sunday Dare.
According to the statement, Tinubu gave the approval while receiving a Shell delegation led by Global Chief Executive Officer, Mr Wael Sawan.
The President, as quoted in the statement, said the incentives were disciplined, targeted and globally competitive.
He noted that the measures were designed to attract fresh capital without undermining government revenues.
“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.
“My expectation is clear: Bonga South-West must reach a Final Investment Decision within the first term of this administration.” Tinubu said.
He described the project as strategic to Nigeria’s economy, with potential to create thousands of direct and indirect jobs.
The President said it would generate significant foreign-exchange inflows and deliver sustained government revenues throughout the project’s 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.
He said investments in Bonga North and HI showed that Nigeria’s economic and energy-sector reforms were yielding positive results.
In his remark, Sawan admitted that Nigeria’s investment climate had improved remarkably under Tinubu, adding that Shell was increasingly confident in long-term investment prospects.
Members of the delegation included senior executives from Shell’s global and Nigerian leadership teams.