Shell Plc has announced plans to invest up to $20 billion in Nigeria, crediting President Bola Ahmed Tinubu’s leadership for restoring investor confidence and creating a stable business environment.
Speaking during a meeting with President Tinubu at the Presidential Villa, Shell’s Chief Executive Officer, Wael Sawan, said the company is expanding its footprint in Nigeria due to what he described as bold and credible leadership.
Sawan noted that Nigeria is increasingly attracting global energy investments, adding that Shell’s recent commitments include $5 billion in the Bonga North project, $2 billion in HI, and continued investments in gas projects linked to the Nigeria LNG (NLNG).
He said the company has also deepened its stake in OML 118 (Bonga Block), acquiring interests previously held by TotalEnergies, as part of its long-term strategy in the country.
According to Sawan, Shell and its partners are working towards a final investment decision on the Bonga Southwest project, which could unlock the planned $20 billion investment, with a significant portion expected to flow into Nigeria as capital and operational expenditure.
He emphasised that long-term stability remains a critical factor for multinational investments spanning several decades.
