The Chief Executive Officer of Shell Plc, Mr Wael Sawan, has praised President Bola Tinubu’s leadership for creating a conducive environment for investment in Nigeria, noting that the country has regained investor confidence under his administration.

Mr Sawan, speaking at a meeting with Tinubu at the Presidential Villa, said Shell is expanding its investments in Nigeria and, alongside its partners, is ready to commit an additional $20 billion.

He cited the “robust and bold leadership” of President Tinubu as the key motivator.

This is contained in a statement issued on Sunday by Special Adviser to the President on Information and Strategy, Bayo Onanuga.

“We have really been in a space where we are very keen to invest in Nigeria. But I would say this has not always been the case.

“Your leadership and your vision have created an investment climate over the last few years that, I will be very honest with you, propelled us to invest, in particular, also as we compare to other investments around the world,” the Shell CEO said during the meeting.

He added, “Stability in today’s environment will honestly have a premium for corporates because we are investing not for one administration or five or 10 years; we want to invest for 20, 30, 40 years and, in the case of Nigeria, for many, many decades.”

Mr Sawan highlighted Shell’s recent investments in Nigeria, including $5 billion in Bonga North, $2 billion in the HI project, and contributions to the gas project at NLNG.

He described the company’s commitment as a “sea change” from several years ago, when Shell had reduced its investments in the country.

On Shell’s expansion plans, the CEO said the company has deepened its stake in Block OML 118, the Bonga Block, after acquiring assets from Total Energies.

He revealed plans for the Bonga Southwest project, which could see an estimated $20 billion investment if it reaches a Final Investment Decision, with half allocated to capital expenditure and the rest for operating costs.

“This will be one of the biggest, I would say, energy projects in the world,” Sawan said.

He added that further opportunities, such as Bonga South, remain in the pipeline.

The Shell CEO also commended the professionalism of President Tinubu’s team, saying, “Your team are amongst the best that we are dealing with anywhere in the world, and that professionalism allows us to be able to have the confidence, and I would say our partners as well, to have the confidence to continue to invest.”

In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga Southwest deep offshore oil project.

He directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the incentives within Nigeria’s legal and fiscal frameworks.

“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.

“My expectation is clear: Bonga Southwest must reach a Final Investment Decision within the first term of this administration,” the President said.