Shell's global CEO, Wael Sawan, praised the leadership of Nigerian President Bola Ahmed Tinubu and his economic vision, considering them to be the main drivers behind the company's plans to invest up to $20 billion in Nigeria over the coming years, in one of the largest anticipated investments in the country's energy sector.
Sawan's statements came after a meeting with President Tinubu in the capital, Abuja, where he stressed that the policies adopted by the Nigerian government contributed to restoring investor confidence and creating a more stable and attractive environment for long-term investments, especially in the oil and gas sector.
The CEO of Shell explained that the planned investment extends over a long time horizon that may reach 20 or 30 years, noting that the decision is not related to a short phase or a specific administration, but rather is based on a long-term strategic vision and confidence in the future of the Nigerian energy sector.
Sawan pointed out that Shell has already strengthened its investment commitments in Nigeria, including investing about $5 billion in the “Bonga North” project, in addition to other investments in liquefied natural gas projects, especially in cooperation with NLNG, as well as expanding its activities in the “OML 118” field known as “Bonga Block” after acquiring additional shares.
He added that a large portion of the new investment is related to the “Bonga South West” deepwater project, which may become among the largest energy projects in the world once the final investment decision is reached. He explained that about half of the investment value will be allocated to capital spending, while the other half will be directed to operating costs and expenses within Nigeria.
For his part, President Bola Tinubu affirmed his government’s commitment to supporting strategic investments that enhance local production and provide job opportunities, stressing that the incentives provided for major projects will be within the framework of applicable financial laws and regulations, and in a way that achieves the interests of the state and investors alike.
