Video: Tinubu unveils ‘ring-fenced’ incentives to fast-track shell’s $5bn Bonga South West oil boom
President Bola Tinubu
Abdullateef Fowewe
President Bola Tinubu has greenlit targeted fiscal incentives to revive Shell’s long-stalled $5 billion Bonga South West deep-offshore oil project, promising a surge in investment, jobs, and Nigeria’s crude output.
In a compelling video clip shared on Friday by his Special Assistant on Social Media, Dada Olusegun, Tinubu addressed a Shell delegation led by CEO Wael Sawan during a high-level meeting on Thursday.
“These incentives are not blanket concessions. They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition,” Tinubu declared, gesturing firmly to underscore his commitment to protecting national interests over broad tax breaks.
Discovered in 2019 with partners like Chevron and ExxonMobil, the Bonga South West field holds up to 500 million barrels of recoverable reserves.
Overcoming fiscal hurdles has delayed it for years, but Tinubu’s push could add 140,000 barrels per day to Nigeria’s production by 2027, bolstering forex inflows and economic reforms.
The president set a timeline, “My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”
This move aligns with Tinubu’s broader agenda to attract foreign direct investment while prioritising local content and performance-based perks.
