Group Chief Executive Officer (GCEO) of NNPC on Thursday announced that Shell Group has pledged $20 billion in new investment opportunities for the most populous nation in Africa over the coming years, crediting President Bola Tinubu’s tangible reforms in transparency and economic agenda for unlocking global capital amid fierce international competition.
The GCEO of the Nigerian National Petroleum Company Limited Bashir Ojulari, said a delegation of Shell visited the President at the Presidential Villa primarily to express appreciation for his leadership and the policy direction that followed the implementation of the Petroleum Industry Act (PIA),
He said that additional incentives introduced via executive orders were critical in restoring investor confidence.
According to him, Shell alone committed over $7 billion in new investments.
“The President demonstrated strong commitment by announcing executive orders to provide additional incentives to attract investment. In a global environment where countries are competing aggressively for capital, Nigeria needed to be dynamic, and Mr. President showed that leadership,” Ojulari said.
The Group CEO explained that one of the clearest signals to the international investment community was the successful completion of Shell’s divestment of its onshore joint venture assets to Renaissance, a process he said proved that Nigeria not only welcomes investments but also respects investors’ ability to exit when business realities change.
Ojulari said that following the divestment, Shell took a Final Investment Decision (FID) of about $5 billion on the Bonga North project, and subsequently approved another $2 billion investment for a shallow-water gas development project known as HI/Feed.
“In just about one and a half years since the President announced these incentives, Shell alone has invested over $7 billion. This sends a powerful message to the global investment community about renewed confidence in Nigeria,” he said.
Ojulari added that Shell has now indicated interest in pushing forward additional investment opportunities valued at up to $20 billion over the next few years, attributing this to confidence in President Tinubu’s leadership, transparency, and commitment to reforms.
He noted that discussions are ongoing on the Bonga South-West project, which could attract close to $10 billion in capital expenditure, in addition to significant operating costs over the project’s lifespan.
“These projects are not just numbers. They translate to jobs for Nigerians, the revival of long-idle fabrication yards, and long-term employment opportunities over 20 to 30 years through operations, maintenance, and supply chains,”
