Shell Signals Up to $20bn Investment in Nigeria

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‎Shell Plc has indicated plans to invest up to $20 billion in Nigeria in the coming years, citing renewed confidence in the country’s oil and gas sector following policy reforms introduced by President Bola Ahmed Tinubu.
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‎The indication emerged after a meeting between President Tinubu and Shell’s global leadership team in Abuja, where both sides discussed Nigeria’s energy outlook, regulatory reforms and deep offshore development opportunities.
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‎Chief Executive Officer of NNPC Limited, Bayo Ojulari, said the reform agenda of the Tinubu administration has helped unlock long-standing bottlenecks in the sector, enabling major investment decisions and project approvals.
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‎According to Ojulari, the improved policy and regulatory environment has facilitated key milestones, including asset divestments and the approval of new projects by international oil companies.
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‎He disclosed that Shell has taken a Final Investment Decision (FID) of $5 billion on the Bonga North project, approved an additional $2 billion for gas-related developments, and is currently advancing plans for the $10 billion Bonga Southwest deep offshore project.
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‎Industry analysts say the planned investments signal growing investor confidence in Nigeria’s energy sector, particularly in deep offshore operations, which remain a critical source of foreign exchange and government revenue.
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‎The Tinubu administration has consistently maintained that ongoing reforms in the oil and gas industry are aimed at restoring investor confidence, boosting production, and positioning Nigeria as a competitive destination for global energy capital.
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‎If fully realised, Shell’s proposed investments could significantly strengthen Nigeria’s upstream capacity, support gas development, and reinforce the country’s role in global energy supply chains.