Prime Business Africa
Chief Executive of Shell Plc, Mr Wael Sawan, has lauded President Bola Tinubu’s leadership, citing it as the driving force behind the company’s decision to invest an additional $20 billion in Nigeria.
At a meeting with President Tinubu, Sawan praised the President’s vision and leadership in creating a stable economic environment that has attracted significant investment from global oil companies.
“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.
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The Shell CEO highlighted the company’s recent investments in Nigeria, including $5 billion in Bonga North, $2 billion in HI, and the gas project to NLNG. He emphasized that Shell is committed to long-term investments in the country, citing the stable economic environment.
“We want to invest for 20, 30, 40 years and in the case of Nigeria, for many, many decades,” Sawan said.
The proposed $20 billion investment is expected to be spent on the Bonga Southwest project, which is expected to be one of the biggest energy projects in the world. Sawan thanked President Tinubu for his leadership and support, which has provided the necessary incentives for the project to move forward.
President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga South West deep offshore oil project by Shell and its partners. He 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.
“This is a sea change from where we were several years ago, when we were pulling back on investments in the country,” Sawan said, describing the new commitments as a significant shift in Shell’s investment strategy in Nigeria.
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