Tinubu Celebrates $5 Billion Shell Investment in Nigeria’s Oil Sector

President Bola Tinubu has reaffirmed his administration’s dedication to enhancing investment in Nigeria, following Shell’s announcement of a $5 billion investment in the nation’s oil sector. The significant investment is set to produce approximately 350 million barrels of crude oil, marking a major milestone in the country’s energy sector.

The Final Investment Decision (FID) on the Bonga North Deep Offshore Field, located 130 kilometres offshore in Oil Mining Lease 118, was celebrated in a statement issued by the president’s Special Adviser on Information and Strategy, Bayo Onanuga. The investment, led by Shell and its partners, signals a renewed confidence in Nigeria’s energy sector, particularly in deep-water oil exploration.

“This landmark development, Nigeria’s first deep-water oil project in over a decade, underscores the transformative impact of the President’s policies and reforms,” the statement read. It noted the Tinubu administration’s strategic focus on creating a competitive investment environment that attracts major international players to the country.

The project partners include Shell, which holds the largest operational stake at 55%, alongside the Nigerian National Petroleum Corporation Limited (NNPCL), ExxonMobil, TotalEnergies, and Eni.

President Tinubu expressed his satisfaction with the investment, stating that the Renewed Hope Agenda of his administration, fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to the people. He emphasized that the policies and reforms implemented since the start of his administration are designed to achieve this objective, with a strong focus on improving the business climate, streamlining regulatory processes, and introducing competitive fiscal incentives.