President Bola Tinubu has expressed confidence in the potential for increased investments from Shell Petroleum Development Company of Nigeria (SPDC), reaffirming his administration’s commitment to removing bottlenecks that may hinder such investments. The President highlighted Nigeria’s longstanding relationship with Shell, dating back to the discovery of the first commercial oil field at Oloibiri in the Niger Delta in 1956.
During a meeting with the management of the Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, President Tinubu assured the delegation of the government’s dedication to ensuring the security and viability of both existing and new investments in the country. The President, in a statement by presidential spokesman Ajuri Ngelale, conveyed his determination to support and encourage Shell’s endeavors in Nigeria.
President Tinubu stated, “I am spearheading Nigeria’s global march for new investments at home. 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.”
He further emphasized the government’s focus on resolving investment-related issues and expressed readiness to address any challenges faced by investors. The President highlighted the importance of collaboration, stating, “There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors.”
Ms. Yujnovich, speaking on behalf of the Shell Group, expressed the company’s commitment to maintaining its legacy of investments in Nigeria. She outlined Shell’s dedication to developing 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.
The Shell Group announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in deep water. Ms. Yujnovich expressed eagerness to proceed with this investment and outlined several prospective investments that Shell Group is considering in Nigeria over the short to medium term.
She commended the collaboration with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, acknowledging their roles in achieving significant progress in actualizing the potential of these projects and others. Ms. Yujnovich stated, “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 expressed Shell’s commitment to continuing and building a pipeline of new investments in Nigeria.
