Shell Commits $20bn Fresh Investment in Nigeria, Praises Tinubu’s Leadership

Shell Commits $20bn Fresh Investment in Nigeria, Praises Tinubu’s Leadership

Global energy giant Shell Plc has pledged up to $20 billion investment in Nigeria, citing renewed confidence in the country’s oil and gas sector reforms and hailing the leadership of President Bola Ahmed Tinubu as a key driver of the turnaround.

Shell’s Chief Executive Officer, Wael Sawan, made this known during high-level talks with President Tinubu in Abuja, where he described Nigeria as a strategic destination for long-term energy investments. According to him, recent policy actions by the Tinubu administration have significantly improved the investment climate, particularly in offshore oil and gas development.

The planned $20bn investment is expected to focus largely on deep-water and upstream projects, with strong indications that the long-awaited Bonga South West offshore project could attract a substantial portion of the funding once a Final Investment Decision (FID) is reached. Shell already has ongoing commitments in Nigeria, including the Bonga North project and major gas developments, underscoring its continued footprint in Africa’s largest oil producer.

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President Tinubu, in response, assured Shell and other international oil companies of the Federal Government’s commitment to policy stability, fiscal incentives, and faster regulatory approvals. He emphasized that Nigeria’s energy strategy prioritises new capital inflow, increased production, local content development, and value addition within the country.

Industry stakeholders have welcomed Shell’s announcement as a strong vote of confidence in Nigeria’s energy reforms, noting that it could trigger renewed interest from other multinational investors who had previously scaled back operations due to regulatory uncertainty and security concerns.

The Nigerian National Petroleum Company Limited (NNPCL) also described the investment pledge as validation of ongoing reforms in the sector, adding that large-scale offshore investments could help boost crude oil output, foreign exchange earnings, and job creation.

Analysts say Shell’s renewed commitment, alongside recent government incentives tailored to offshore projects, signals a gradual revival of Nigeria’s oil and gas investment pipeline, positioning the country for sustained growth despite global energy transition pressures.

Shell Commits $20bn Fresh Investment in Nigeria, Praises Tinubu’s Leadership