Nigeria Seeks To Bolster Investment As Tinubu Meets With Shell Executives
President Bola Tinubu of Nigeria has expressed a strong desire to enhance investment opportunities with Shell Petroleum Development Company of Nigeria (SPDC), highlighting the country’s enduring partnership with the oil giant since the discovery of the first commercial oil field in Oloibiri in 1956.
In a statement released on Thursday by Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity, President Tinubu, while meeting with Shell’s top management in Abuja, assured the company of his government’s commitment to the security and growth of both existing and prospective investments.
The President’s meeting with the Shell delegation, led by Global Integrated Gas and Upstream Director Ms. Zoe Yujnovich, was a platform for reassurance that the Nigerian government is focused on eliminating any impediments to investment and is keen on creating a conducive environment for large-scale investments across various sectors.
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President Tinubu stated, “We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.”
He further emphasized the nation’s readiness to support Shell’s endeavors, “In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.”
Responding to the President’s address, Ms. Yujnovich on behalf of Shell Group, reaffirmed the company’s dedication to sustaining its onshore investment legacy in Nigeria.
She highlighted Shell’s strategic shift to capitalize on both new and existing opportunities within the gas sector, aligning with Nigeria’s investment aspirations.
The meeting underscores Nigeria’s strategic efforts to position itself as a prime destination for investment in Africa, with a particular focus on the energy sector, which remains a cornerstone of the country’s economy.
She outlined the company’s dedication to the development of the gas value chain in the country, including a substantial commitment of $1 billion over the next five to ten years, aimed at unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project.
Furthermore, Ms. Yujnovich announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in the deep water.
The Shell Global Integrated Gas and Upstream Director expressed Shell’s eagerness to proceed with this investment and outlined several prospective investments which Shell Group is eyeing in Nigeria over the short to medium term.
She commended the collaboration her team has experienced with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, while acknowledging their roles in achieving significant progress in actualizing the potential of these projects as well as others.
“Mr President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring more new investments to Nigeria.
“I have made commitments to our investors that we will continue to invest in gas and oil. In Nigeria, I see all the conditions to continue to make this partnership stronger. In the deep water, we have an imminent investment opportunity in Bonga North. This is $5 billion. I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” she concluded.
