“Shell’s $20B Commitment Sparks Jobs and Industrial Revival in Nigeria”

In a major boost to Nigeria’s oil and gas sector, Shell Companies announced plans to invest US$20 billion in the Bonga South West project, signaling renewed confidence in the country’s investment climate under President Bola Ahmed Tinubu.
The announcement was made public by NNPCL Group CEO Bashir Bayo Ojulari, who spoke to State House correspondents following a meeting between President Tinubu and Shell CEO Wael Sawan at the Presidential Villa, Abuja, on Thursday.
Ojulari emphasized the far-reaching economic impact of the investment, highlighting its potential to create thousands of jobs and revive Nigeria’s dormant fabrication yards, many of which have been idle for years due to lack of projects.
“The economic climate under President Tinubu has restored investor confidence in Nigeria,” Ojulari said. “Shell’s commitment demonstrates that global investors now see Nigeria as a reliable destination for long-term investment.”
He added that Shell intends to pursue another US$20 billion in investment opportunities in the coming years, driven by confidence in the President’s transparency and economic agenda.
Ojulari explained the scope of the Bonga South West project, noting that it involves close to US$10 billion in capital investment, with substantial operating expenditures over the project’s life. “This means employment for Nigerians not only during construction but over the next 20 to 25 years of field operations, covering suppliers, manpower, and maintenance activities,” he said.
Shell’s top management personally engaged with President Tinubu, Ojulari revealed, underscoring the seriousness of the company’s commitment. As a concession holder for Nigerian PSCs alongside major international partners including Chevron, ExxonMobil, and TotalEnergies, NNPCL’s role is to ensure that promises are authentic, sustainable, and aligned with Nigeria’s economic goals.
Ojulari also reflected on Shell’s recent investment record in Nigeria: the company successfully transferred onshore Joint Venture assets to Renaissance, a move that enhanced investor confidence. Since President Tinubu introduced investment incentives, Shell has made over US$7 billion in investments, including US$5 billion for Bonga North development and US$2 billion for shallow-water gas projects.
“This engagement demonstrates a win-win scenario for Nigeria—providing jobs, reviving industrial capacity, and strengthening foreign direct investment confidence,” Ojulari concluded.
Shell commits US$20 billion to Nigeria’s Bonga South West project, creating jobs, reviving fabrication yards, and demonstrating investor confidence under President Tinubu’s economic policies.