The Federal Government has welcomed a renewed wave of investment from Shell, as the global energy giant reaffirmed its strategic commitment to Nigeria’s oil and gas sector. During a high-level visit to the Ministry of Finance in Abuja, Shell confirmed a $5 billion capital investment, including the development of the Bonga North deep-water project—its first major upstream investment in Nigeria in over a decade.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who received the Shell delegation on Wednesday, expressed optimism about the company’s deepening presence in Nigeria and praised its contributions to the country’s economic development. He reiterated the Tinubu administration’s focus on sustaining macroeconomic reforms, attracting long-term capital, and ensuring a transparent, investor-friendly environment.
Leading the Shell team was Mr. Osagie Okunbor, Managing Director and Country Chair of Shell Petroleum Development Company (SPDC) Nigeria Limited. He was joined by Mr. 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.
The meeting comes at a time of renewed investor confidence in Nigeria’s economy, buoyed by recent fiscal and regulatory reforms. Shell’s leadership attributed its investment momentum to the government’s policy coherence, improved regulatory certainty, and recent efforts to address long-standing challenges, particularly those relating to local content.
In addition to the Bonga North development, Shell highlighted its recent acquisition of TotalEnergies’ stake in Oil Mining Lease (OML) 118 for $500 million. This move consolidates Shell’s position in Nigeria’s offshore oil landscape and signals long-term confidence in the country’s energy potential.
The Federal Government views Shell’s renewed interest as a validation of President Bola Tinubu’s economic direction and a strong indicator that Nigeria remains an attractive destination for global capital in the energy sector. Minister Edun noted that international partners like Shell play a critical role in driving inclusive economic growth, job creation, and energy security.
“The Tinubu administration remains fully committed to fostering a stable, transparent, and investor-friendly environment. Shell’s renewed commitment is a welcome development that aligns perfectly with our goal to unlock private sector-driven growth,” Edun said.
The visit and investment announcement mark a pivotal moment in the country’s energy sector, potentially unlocking thousands of new jobs, stimulating local supply chains, and advancing Nigeria’s ambition to become a more prominent energy hub on the African continent.
