Nigeria' President Tinubu wants $20 billion Shell project sanctioned by May 2027

Shell chief executive Wael Sawan meets Nigeria president to discuss bespoke project incentives and supermajor's final investment decision goal

Shell chief executive Wael Sawan met Nigeria's President Bola Tinubu on Thursday to discuss the long-stalled Bonga South West Aparo (BSWA) project, telling the head of state the total investment needed will be about $20 billion, with a final investment decision slated for 2027.

After approving the gazetting of bespoke fiscal incentives for the project, Tinubu was more forceful in what he wants from Shell.

“My expectation is clear: Bonga South West must reach a final investment decision within the first term of this administration,” he said.

Tinubu's term is due to end on 28 May 2027.
Earlier this month, Upstream reported that Shell was assessing initial responses from contractors to a pre-qualification exercise covering a 150,000 barrels per day floating production, storage and offloading vessel.
Olu Arowolo Verheijen, special advisor on energy to Nigeria's president said on Friday that during the meeting with Tinubu, Sawan reaffirmed Shell's “growing confidence in Nigeria’s investment climate”.

Sawan said: “We are working on a project, Bonga South West, that could potentially see us invest, with our partners, up to $20 billion in foreign direct investment, half of which will be capital expenditure and the other half operating expenses,” adding: “[BSWA will be] one of the biggest... energy projects in the world.”

In a LinkedIn post, Verheijen said the proposed BSWA project underscores renewed investor confidence driven by policy reforms, fiscal incentives and a clearer framework for deep-offshore projects.

“If delivered, (BSWA) would be one of Nigeria’s most significant energy investments in years, bringing jobs, foreign exchange inflows and long-term value to the economy,” she said.

Sawan told Tinubu that Shell is “very keen to invest in Nigeria,” while noting that “this has not always been the case”.

He commended Tinubu for creating an investment climate over the last few years that “has propelled us to invest,” while stressing that stability is important because “we want to invest in Nigeria for many, many decades”.

Sawan also pointed out that Nigeria is now a very competitive business environment.

“As we look today at opportunities to allocate our capital to multiple different countries, Nigeria ... is attracting more capital than most,” he said.

He also sang the praises of the “professional” oil and gas officials that Tinubu has surrounded himself with.

“Your team are amongst the best that we are dealing with anywhere in the world. And that professionalism allows us to be able to have the confidence — and I would say our partners as well — to continue to invest,” he said.

On BSWA, Sawan said pre-front-end engineering and design work will start imminently, evolving into FEED and targeting FID “hopefully” in 2027.

“We will look to fast-track (the schedule) as much as possible,” he added.

Sawan also highlighted that Shell plans to invest $5 billion in the Bonga North subsea project, $2 billion on the shallow water HI gas scheme, is looking to invest in other offshore gas projects and is eying potential bids for acreage in Nigeria's latest licensing round.

Asked for comment, a Shell spokesperson said: “Shell continues to invest in Nigeria, focusing particularly on deepwater and gas. Wael Sawan discussed various projects with President Tinubu, including Bonga South West, that could see us and partners potentially make future investment decisions.

“We will continue to invest in our upstream business in a disciplined way, where the right opportunities arise.”

A statement issued by the Nigerian president's office said Tinubu has approved the gazetting of “targeted investment-linked incentives to support” BSWA, in line with the country's existing legal and fiscal frameworks.

Tinubu told Shell's delegation that the incentives are disciplined, targeted and globally competitive and are designed to attract new capital without undermining government revenues.

“These incentives are not blanket concessions,” said the president, stressing that “they are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery and in-country value addition.”

Tinubu said BSWA is “strategic” to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows, and deliver sustained government revenues over the life of the project.

He added that the project would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.

The president reaffirmed his government’s commitment to policy stability, regulatory certainty and speed, noting that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.

As well as Sawan, Shell's delegation included Peter Costello, president of upstream, and De Jong Marno, executive vice-president and country chair for Nigeria.

In addition to Verheijen, the government team included the president's Chief of Staff Femi Gbajabiamila, Minister of State for Petroleum Resources (Gas) Ekperipe Ekpo and NNPC chief executive Bayo Ojulari.

Also in attendance were Ola Adeniji, Special Assistant to the President on Petroleum, and Yasmin Mohammed, Special Assistant to the President on the Energy Transition.

Ardo  Zubairu 
National Secretary 
TInubu Re- Election Project 2027 . Office Phones: 
08033305195
08098885195
07033454053

Follow this link to join  https://chat.whatsapp.com/GGyI5S8pxi78dcZ3fKciGB

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