- President Tinubu expresses optimism about increased investments from Shell, emphasizing Nigeria’s commitment to safeguarding existing and potential investments
- Shell Group’s Global Director announces a $5 billion investment opportunity in Nigeria’s Bonga North project and outlines future commitments to the country
President Bola Ahmed Tinubu has voiced optimism regarding the potential investment surge from the Shell Petroleum Development Company of Nigeria (SPDC). During a meeting with the management of Shell Group, led by Global Integrated Gas and Upstream Director Ms. Zoe Yujnovich, at the Presidential Villa in Abuja, President Tinubu underscored Nigeria’s enduring relationship with the company.
Highlighting the historical ties dating back to the discovery of the first commercial oil field in Oloibiri, Niger Delta, in 1956, President Tinubu assured the company of his administration’s commitment to safeguarding existing and prospective investments. He emphasized ongoing efforts to enhance security and viability, expressing readiness to support Shell in various capacities.
Addressing the delegation, President Tinubu stated, “There is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home. We want you to do more and are ready to encourage you in every way possible.”
He assured the delegation that his government is dedicated to resolving all investment-related issues, fostering an environment that positions Nigeria as the preferred destination for substantial investments across key sectors.
In response, Ms. Yujnovich, on behalf of the Shell Group, affirmed the company’s commitment to sustaining its legacy of investments in Nigeria. She outlined Shell’s focus on new opportunities in the Deepwater and Gas sector, underscoring a substantial commitment of $1 billion over the next five to ten years for the development of the gas value chain in the country.
Ms. Yujnovich announced an upcoming $5 billion investment opportunity in the Bonga North project in Nigeria’s deep waters. She expressed eagerness to proceed with this investment and detailed several other prospective investments that Shell Group is considering in Nigeria over the short to medium term.
Commending the collaboration with key figures in Nigeria’s energy sector, including Minister of State for Petroleum Resources Sen. Heineken Lokpobiri and Special Adviser to the President on Energy Olu Verheijen, Ms. Yujnovich emphasized the importance of partnerships for the success of Shell’s investment initiatives in Nigeria.
“I want to be successful in my role, and I cannot be successful unless I can find a way to bring more new investments to Nigeria,” she stated, expressing enthusiasm about the $5 billion investment opportunity in Bonga North and the company’s commitment to building a pipeline of new investments in the country.
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