Global energy giant, Shell Plc has credited President Bola Ahmed Tinubu’s visionary leadership and reforms for its latest decision to invest additional $20 billion in Nigeria.

Shell is also committing to more long-term investments in Nigeria in what the corporation described as a “sea change” from where it was several years ago, when it was pulling back on investments in the country.

Global Chief Executive, Shell Plc, Mr Wael Sawan, at a meeting with President Tinubu at the Presidential Villa, said the bold and visionary leadership of President Tinubu was the major reason Shell is deepening its investments in Nigeria.

According to him, President Tinubu’s leadership has created a healthy and stable climate that is restoring investors’ confidence and stimulating new investment decisions.

Shell’s new project, Bonga Southwest, will see the corporation investing about $20 billion in foreign direct investment. The new investment, which is expected to reach Final Investment Decision (FID) soon, comes on the heels of a string of recent investments by Shell including $5 billion in Bonga North, $2 billion in HI conventional gas project and the gas project with the Nigeria Liquefied Natural Gas (NLNG) Limited.

Sawan said: “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.

“Stability in today’s environment will honestly have a premium for corporates 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”.

He pointed out that Nigeria, under the Tinubu administration, is one of the countries attracting significant investment from global oil companies.

He said Shell sees further opportunities for additional investments in Nigeria given President Tinubu’s transformative leadership, his team and investors-friendly policies.

He noted that Shell has recently expanded its investments in Nigeria by deepening its interest in Block OML 118, the Bonga Block.

“Total Energies was selling, so we bought it because we want to deepen further. But that, we think, is not enough. 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, if we reach an FID stage, see us, with our partners, invest around $20 billion in foreign direct investment, half of which will be capital. The other half will be the operating expenses and the like that will come into the country.

“This will be one of the biggest, I would say, energy projects in the world,” Sawan said.

He added that the corporation still sees “opportunities like Bonga South, which is further in the funnel, to be able to continue to invest”.

He said: “Your Excellency, to Bonga Southwest, that huge project, I would like to thank you. I want to thank you for the leadership you have shown there to be able to provide the incremental incentives that are now getting us line of sight to an investment in this project with our partners”.

He also commended the President’s team, describing them as outstanding professionals.

“And that leadership, I would also say, has put many of the people that we are working with, 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,” Sawan said.

Special Adviser to the President on Information & Strategy, Mr Bayo Onanuga, in a statement, stated that at the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project by Shell and its partners.

The President also directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

The President made it clear that the incentives were not blanket concessions but linked to verifiable investments.

“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 South West must reach a Final Investment Decision within the first term of this administration,” President Tinubu said.