“Edun Hails Economic Reforms as Shell Commits $5 Billion to Nigeria’s Oil Sector”

L-R: Osagie Okunbor, Managing Director and Country Chair of Shell Petroleum Development Company (SPDC). Minister of Finance and Coordinating Minister of the Economy, Wale Edun and Marno De-Jong, Shell’s incoming Chairman of Shell Nigeria Exploration and Production Company (SNEPCo) and Executive Vice President for Nigeria,

The Federal Government has welcomed a major investment commitment from energy giant Shell, as the company announced a $5 billion capital injection into Nigeria’s oil and gas sector. The move includes the development of the long-anticipated Bonga North deep-water project—Shell’s first major upstream investment in the country in over a decade.

The announcement was made during a high-level meeting at the Ministry of Finance in Abuja, where the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, received the Shell delegation. The minister described Shell’s renewed commitment as a significant endorsement of President Bola Tinubu’s economic reform agenda.

“Shell’s renewed presence is a welcome milestone. It aligns with our national ambition to unlock growth, ensure energy security, and strengthen Nigeria’s role in the global energy value chain,” Edun said.

Leading the Shell delegation was Osagie Okunbor, Managing Director and Country Chair of Shell Petroleum Development Company (SPDC). He was joined by Marno De-Jong, Shell’s incoming Chairman of Shell Nigeria Exploration and Production Company (SNEPCo) and Executive Vice President for Nigeria, who was formally introduced to the government during the visit.

Shell’s latest commitment comes amid renewed investor confidence in Nigeria, driven by a series of fiscal and regulatory reforms aimed at stabilizing the macroeconomic environment and attracting long-term foreign capital. The company attributed its decision to the government’s policy coherence, regulatory clarity, and efforts to address longstanding challenges in the sector, particularly those related to local content development.

In addition to the Bonga North project, Shell highlighted its recent $500 million acquisition of TotalEnergies’ stake in Oil Mining Lease (OML) 118, a move that strengthens Shell’s position in Nigeria’s offshore oil operations.

The Federal Government sees the development as a strong signal that Nigeria remains a viable destination for global investment in the energy sector. Edun noted that international partners like Shell play a vital role in achieving inclusive economic growth, job creation, and national energy security.

“The Tinubu administration remains fully committed to fostering a stable, transparent, and investor-friendly environment,” he said.

With the Bonga North project expected to create thousands of direct and indirect jobs and stimulate local supply chains, the investment marks a pivotal moment for Nigeria’s energy industry. It also supports the government’s broader objective of positioning the country as a key energy hub on the African continent.

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