Shell Announces Fresh $20bn Investment Plan in Nigeria

By Sofiat Adenekan-Abdul

The Chief Executive Officer of Shell Plc, Wael Sawan, has commended President Bola Tinubu’s leadership, saying it has restored investor confidence and created a healthy climate for investments in Nigeria.
Sawan made the remarks during a recent meeting with President Tinubu at the Presidential Villa, Abuja, where he disclosed that Shell and its partners are ready to invest an additional $20 billion in Nigeria.

According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Sawan says Nigeria is now one of the countries attracting major investments from global oil companies under the Tinubu administration.

He highlighted Shell’s recent investments, including $5bn in Bonga North, $2bn in HI, and gas projects linked to NLNG, noting that the company is committed to long-term operations in Nigeria due to improved stability.

“Your leadership and your vision have created an investment climate that propelled us to invest, especially when compared to other opportunities around the world,” Sawan said.

He stressed that stability is crucial for long-term investments, adding that Shell plans projects spanning 20 to 40 years in Nigeria.

On expansion plans, Sawan revealed that Shell deepened its stake in OML 118 (Bonga Block) after acquiring assets previously owned by TotalEnergies.

He also disclosed ongoing work on the Bonga Southwest project, which could attract up to $20bn in foreign direct investment if it reaches final investment decision (FID).

“This will be one of the biggest energy projects in the world,” he said, adding that opportunities like Bonga South are also being considered.

Sawan described Shell’s renewed commitment as a major shift from previous years when the company scaled back investments, and praised President Tinubu’s team as “outstanding professionals.”