Nigeria approves Shell plc Bonga incentives
Analysis based on 24 articles · First reported Jan 22, 2026 · Last updated Jan 26, 2026
The approval of investment-linked incentives by Bola Tinubu for Shell plc's Bonga South West project is expected to significantly boost Nigeria's economy by attracting substantial foreign direct investment, creating jobs, and increasing foreign exchange inflows. This move signals a positive shift in Nigeria's investment climate, potentially encouraging other international oil companies to increase their investments in the country's energy sector.
President Bola Tinubu has approved targeted, investment-linked incentives to support Shell plc's proposed Bonga South West deep-offshore oil project in Nigeria. This decision aims to attract new capital, create thousands of direct and indirect jobs, boost foreign exchange inflows, and generate sustained government revenues. Shell plc's Global CEO, Wael Sawan, praised Bola Tinubu's leadership, stating that the improved investment climate has propelled Shell plc to commit an additional $20 billion in Nigeria, primarily for the Bonga South West project. Shell plc has already invested nearly $7 billion in Nigeria over the past 13 months in projects like Bonga North and HI. The President has directed Olu Arowolo-Verheijen, Special Adviser on Energy, to facilitate the gazetting of these incentives. The Bonga South West project is expected to reach a Final Investment Decision within Bola Tinubu's first term, further deepening Nigerian participation in offshore engineering, fabrication, logistics, and energy services.
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