A pro-government group, Tinubu Media Volunteers (TMV), has described the approval of incentives by President Bola Ahmed Tinubu for the $20 billion Bonga Southwest Deepwater project as a strong signal that Nigeria is ready to attract and sustain large-scale investments in its oil and gas sector.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group said the presidential approval would help unlock the long-awaited Final Investment Decision by Shell for the Bonga Southwest Aparo Deepwater Project.
According to TMV, the move followed a recent meeting between President Tinubu and top executives of the multinational oil company, which it said reflected renewed confidence in Nigeria’s policy direction and economic reforms.
“The incentives are meant to unlock the long-awaited Final Investment Decision by global oil giants Shell for the Bonga Southwest Aparo Deepwater project,” the group said.
TMV noted that the project had been stalled for nearly two decades due to fiscal and regulatory challenges, but credited the current administration’s reform-focused approach and sustained advocacy by the Nigerian National Petroleum Company Limited (NNPCL) for breaking the impasse.
The group added that the fiscal measures supporting the project include an enhanced Production Tax Credit and the resolution of the 2021 dispute settlement agreement, which it said would create a competitive framework that balances Nigeria’s national interests with investor returns.
It further stated that the development aligns with the administration’s broader strategy to unlock Nigeria’s vast oil and gas potential through partnerships, innovation and efficient execution.
According to TMV, the Bonga Southwest Aparo development, operated by Shell through its Nigerian deepwater subsidiary, is expected to produce about 150,000 barrels of crude oil per day and approximately 140 million standard cubic feet of gas daily once fully operational.
The group said the administration’s direct engagement on the project sends a strong message to the global investment community that Nigeria is committed to building investor confidence while safeguarding national economic interests.
