Workers in safety gear at an industrial oil refinery site in Africa.
In a targeted move to boost its energy sector, Nigeria’s President Bola Tinubu has approved specific incentives for Shell’s massive Bonga South-West deepwater oil project. This strategic decision aims to accelerate the project’s long-awaited Final Investment Decision, which is critical for unlocking billions in fresh capital. Tinubu emphasized that these are not broad concessions but precise, performance-linked incentives designed to reward new investment, increase oil output, and deliver strong local content. The administration expects Shell to finalize its commitment within the current presidential term. This push highlights Nigeria’s renewed strategy to restore investor confidence and harness major projects like Bonga, which could add 225,000 barrels per day, to drive economic growth and foreign exchange earnings.
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