Tinubu welcome Shell’s $5 billion deepwater Investment in Nigeria

December 16, 2024

By Ayinde Adeleke

The Nigerian President, Bola Ahmed Tinubu, has welcomed Shell and its partners’ announcement of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field, a landmark development that underscores the transformative impact of his administration’s policies and reforms.

The Bonga North oilfield, located 130 kilometers offshore, represents an estimated $5 billion investment and is expected to yield approximately 350 million barrels of crude oil.

Shell holds the largest operational interest, with 55%, while its partners include the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

President Tinubu remarked, “The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people. We designed our policies and reforms from the start of my administration to achieve this goal.”

The FID signals renewed confidence in Nigeria’s energy sector, demonstrating the effectiveness of the Tinubu administration’s strategic focus on creating a robust and competitive investment climate.

This development is expected to trigger broader investments in Nigeria’s power generation, transportation, and manufacturing sectors.