Tinubu Approves Incentives for Shell's Bonga Oil Project, Seeks FID Before 2027 Election

Former Lagos Governor Tinubu has approved incentives for Shell's Bonga Oil Project in Nigeria, aiming to attract new investments, create jobs, and boost foreign exchange inflow. He demands a Final Investment Decision (FID) before the 2027 election to support the project's development.

Tinubu emphasizes the strategic importance of the deep offshore project for Nigeria's economy, expecting it to generate thousands of jobs and enhance local content participation. Shell's CEO, Wael Sawan, acknowledges the improved investment environment in Nigeria under Tinubu's administration, with the company investing nearly $7 billion in the past 13 months.