Shell CEO Wael Sawan met President Bola Tinubu at the Presidential Villa in Abuja. The encounter focused on investment opportunities in Nigeria’s energy sector. Sawan led a delegation from Shell to discuss expansion plans. President Tinubu hosted the group to explore ways to boost foreign direct investment.
Praise for Leadership
Sawan praised Tinubu’s leadership during the meeting. He highlighted how the president’s vision improved the investment climate. “We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case.”
“Your leadership and your vision have created an investment climate over the last few years that, I will be very honest with you, propelled us to invest, in particular, also as we compare to other investments around the world,” Sawan said.
Additionally, he emphasized stability’s importance. “Stability in today’s environment will honestly have a premium for corporations because we are investing not for one administration or five or 10 years, we want to invest for 20, 30, 40 years and, in the case of Nigeria, for many, many decades,” Sawan added.
Moreover Sawan commended Tinubu’s team. “Your team are amongst the best that we are dealing with anywhere in the world, and that professionalism allows us to be able to have the confidence, and I would say our partners as well, to have the confidence to continue to invest,” he stated.
Investment Pledges
Shell pledged $20 billion for the Bonga Southwest project with partners. Sawan described the initiative. “We think there is more to invest here, and we understand the vision that you have for the country, and so we are indeed working on a project.”
“Bonga Southwest, that could potentially, if we get to an FID stage, see us, with the partners, invest around $20 billion in foreign direct investment,” he explained. Half covered capital expenses, while the rest addressed operations.
Government Response
President Tinubu approved incentives for the project. He directed his adviser on energy to facilitate them. “These incentives are not blanket concessions. They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
“My expectation is clear: Bonga Southwest must reach a Final Investment Decision within the first term of this administration,” Tinubu declared.
In addition, Tinubu stressed timeliness. “There’s no better time to invest than now,” he said. The incentives aimed at new capital and local value.
Future Outlook
Shell started pre-front-end engineering design for Bonga Southwest. The company targeted a final investment decision by May 2027. Sawan called it one of the world’s biggest energy projects. “This will be one of the biggest, I would say, energy projects in the world,” he remarked.
Shell also showed interest in other ventures like Bolia Chota. The firm deepened its stake in Block OML 118 by acquiring assets from TotalEnergies. These steps signaled renewed confidence in Nigeria’s sector.
