Oluwafunbi Bello 
President Bola Tinubu
ABUJA, Nigeria – President Bola Tinubu approves targeted fiscal incentives for Shell’s Bonga South-West deepwater project and authorises commercial oil extraction in Ogun State, signalling a decisive push to revive investor confidence in Nigeria’s energy sector.
Presidential spokesperson Sunday Dare on Thursday says Tinubu directs his Special Adviser on Energy, Olu Verheijen, to formalise performance-based incentives after high-level talks with Shell’s global chief executive, Wael Sawan. The president makes clear that benefits will only apply when capital is deployed and output increases.
“These incentives are tied strictly to investment, production growth and Nigerian participation,” Tinubu tells the delegation. “We expect firm commitments before the end of this administration.”
The offshore project is expected to generate thousands of jobs, expand local content participation and boost foreign exchange earnings. Tinubu says Nigerian firms in maritime engineering and oilfield services must be central beneficiaries.
Sawan confirms that Shell has committed nearly $7 billion to Nigerian assets since late 2024, describing recent reforms as “clear signals of stability and seriousness.”
Meanwhile, Ogun State Governor Dapo Abiodun announces federal approval for crude oil production at Tongeji Island in Ipokia Local Government Area, alongside plans to revive the long-delayed Olokola Deep Sea Port.
“The president personally intervened to unlock these strategic projects,” Abiodun says during a visit by Western Naval Command chief, Rear Admiral Abubakar Mustapha. He adds that the port, now repositioned as a marine economic hub, will decongest Lagos ports and expand regional trade.
Mustapha says Ogun’s confirmed hydrocarbon reserves and maritime assets are critical to Nigeria’s blue economy strategy, noting intensified naval patrols along border waterways to curb smuggling and illegal activities.
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Korede Abdullah 
Oluwatobi Adu 
Edino Chubiyo Cornelius 
Otamere Gladness