Oluwafunbi Bello 
President Tinubu meeting Shell CEO Wael Sawan at the Presidential Villa
ABUJA, Nigeria – Global energy giant Shell Plc signals renewed confidence in Nigeria’s economy, as its Chief Executive Officer, Wael Sawan, announces plans to expand investments by up to $20 billion, citing reforms under President Bola Tinubu.
Speaking during a meeting with Tinubu at the Presidential Villa in Abuja, Sawan says Nigeria has re-emerged as a competitive investment destination after years of declining foreign capital inflows. He attributes the shift to what he describes as the President’s “bold and robust leadership” and improved policy clarity.
“Your leadership and vision have created an investment climate that genuinely propels us to invest,” Sawan says. “When we compare Nigeria with other investment destinations globally, stability now carries a premium.”
Shell, he explains, is investing for the long term— “20, 30, even 40 years”—and views Nigeria as central to its global energy portfolio. Recent commitments include $5 billion for Bonga North, $2 billion for the HI project, and continued funding for gas development at Nigeria LNG (NLNG).
Sawan describes the renewed engagement as a “sea change” from previous years, when Shell scaled back operations. He reveals that the company has deepened its stake in OML 118 (Bonga) after acquiring assets from TotalEnergies, while the proposed Bonga Southwest project could attract $20 billion if it reaches Final Investment Decision (FID).
“This will be one of the largest energy projects globally,” he says, adding that Bonga South remains under consideration.
In response, President Tinubu approves targeted, investment-linked incentives for the deep offshore project, stressing they are “ring-fenced, not blanket concessions.” He directs his energy adviser to fast-track implementation within existing legal frameworks.
“My expectation is clear: Bonga Southwest must reach FID within this administration’s first term,” Tinubu says.
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Korede Abdullah 
