Group Lauds Tinubu’s Incentives for $20bn Shell Project

Group Lauds Tinubu’s Incentives for $20bn Shell Project

The Tinubu Media Volunteers (TMV) has said President Bola Ahmed Tinubu’s approval of incentives for Shell’s $20 billion deepwater project demonstrates Nigeria’s readiness to attract large-scale investments in the oil sector.

In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group noted that the move would help unlock long-delayed investment decisions and boost confidence among foreign investors.

According to the group, the incentives are designed to facilitate Shell’s Final Investment Decision on the Bonga Southwest Aparo (BSWA) Deepwater project, following recent engagements between the President and top executives of the oil giant Shell.

The group described the development as a sign of renewed confidence in Nigeria’s economic direction, adding that it reflects the administration’s commitment to translating ongoing reforms into concrete investment outcomes.

It also pointed out that the Bonga Southwest project had been stalled for nearly two decades due to fiscal and regulatory challenges, but expressed optimism that the current policy framework would finally break the deadlock.

TMV further credited the Nigerian National Petroleum Company Limited for its sustained advocacy, saying the collaboration between government and industry stakeholders is key to unlocking the country’s oil and gas potential.

The group explained that the incentives include measures such as enhanced production tax credits and the resolution of disputes dating back to 2021, aimed at creating a more competitive investment climate that balances national interests with investor returns.

Describing the policy as a deliberate effort to stimulate growth in the crude oil sector, the group said it would encourage more global investors to take Nigeria seriously.

When operational, the Bonga Southwest Aparo project is expected to produce about 150,000 barrels of crude oil per day, along with 140 million standard cubic feet of gas daily.

TMV added that the administration’s direct engagement on the project sends a strong signal to the international community about Nigeria’s commitment to protecting investments while fostering economic growth.