TINUBU UNLEASHES OIL BOOM: SHELL TO INVEST $20BN IN NIGERIA AS BONGA SOUTH WEST PROJECT GETS GREEN LIGHT
GREATRIHUNETVNEWS–President Bola Ahmed Tinubu has approved targeted incentives to fast-track Shell’s Bonga South West deep-offshore oil project, aiming to boost jobs and foreign exchange inflows. Here are the key highlights:
– Investment Boost: Shell plans to invest $20bn in Nigeria’s oil and gas sector, driven by renewed investor confidence.
– “Shell Plc plans to invest about $20 billion in Nigeria’s oil and gas sector over the coming years” – Bayo Ojulari, NNPCL
– Job Creation : The Bonga South West project will generate thousands of direct and indirect jobs.
– “The project is strategic to Nigeria’s economic growth, with the capacity to generate thousands of direct and indirect jobs” – President Tinubu
– Targeted Incentives : Incentives are disciplined, ring-fenced, and globally competitive, focused on new capital and incremental production.
– “These incentives are not blanket concessions… They are investment-linked and focused on new capital, incremental production, strong local content delivery, and in-country value addition” – President Tinubu
– Policy Stability : Tinubu’s administration is committed to policy stability, regulatory certainty, and accelerated approvals.
– “Policy stability, regulatory certainty, and speed are central to restoring investor confidence” – President Tinubu
– Economic Benefits : The project will deliver significant foreign-exchange inflows, secure long-term government revenues, and revive dormant fabrication yards.
– “The development would deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services” – President Tinubu
Ojulari said that NNPCL would continue working with international investors and government agencies to advance credible, economically sound projects that align national interests with investor expectations.
“Our responsibility is to be the conscience of government and Nigerians, ensuring that the assumptions and promises being made are realistic and authentic,” he said.
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