Shell PLC is exploring significant new investments totaling up to $20 billion in Nigeria over the coming years, driven by the improved business climate under President Bola Ahmed Tinubu's administration.
This commitment was highlighted during a high-level meeting at the Presidential Villa in Abuja on Thursday, January 22, 2026, where Shell's Global Chief Executive Officer, Wael Sawan, led a delegation to President Tinubu.
According to reports from the meeting, Sawan praised the Tinubu administration's reforms for creating a more enabling environment and incremental incentives that encourage business growth and long-term investment in the country.
He expressed growing confidence in Nigeria as a prime destination for sustained energy sector commitments.
The discussions also focused on the proposed Bonga South West deepwater oil project, where Shell and its partners plan a major $20 billion investment.
President Tinubu approved targeted, investment-linked incentives described as disciplined, competitive, and revenue-neutral—to accelerate the project, which is expected to generate thousands of direct and indirect jobs, boost foreign exchange inflows, and deliver long-term government revenues.
Shell's renewed enthusiasm follows recent investments of nearly $7 billion by the company and its partners in Nigeria over the past 13 months, particularly in projects like Bonga North and related fields.
The NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari, who briefed State House correspondents after the meeting, confirmed Shell's formal pursuit of these additional $20 billion opportunities, attributing the momentum to the administration's transparency and policy reforms.
This development underscores increasing foreign investor interest in Nigeria's oil and gas sector as economic and energy reforms continue to yield results.
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