…$7bn already spent
By Hassan Faruk
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bashir Bayo Ojulari, has disclosed that Shell Petroleum Development Company has committed to pursuing additional investment opportunities worth about $20 billion in Nigeria over the next couple of years, following renewed investor confidence driven by recent government reforms.
Ojulari made the disclosure while explaining to State House correspondents the substance of a proposal presented to President Bola Ahmed Tinubu, highlighting the impact of the Executive Orders issued in 2025 to attract foreign direct investment (FDI) into Nigeria’s oil and gas sector.
According to him, the Executive Orders, introduced after the implementation of the Petroleum Industry Act (PIA), were designed to enhance Nigeria’s competitiveness in the global energy investment space, amid stiff competition from other African countries, Guyana and parts of the Far East. “Competition for investment is global, and other countries are changing their policies dynamically to attract capital. One of the most significant things Mr. President did was to introduce Executive Orders that added further incentives to investors”, Ojulari said.
He explained that such policy clarity and flexibility demonstrated by the Federal Government had enabled Shell to complete the divestment of its onshore joint venture (JV) assets, which were transferred to Renaissance Africa Energy Company. “Completing that transaction showed the world the President’s commitment to allowing investors not only to invest, but also to exit when necessary, because the investment world is very dynamic”, he noted.
Ojulari said the successful divestment process boosted international confidence, and directly influenced Shell’s subsequent investment decisions in Nigeria. He revealed that Shell had taken a Final Investment Decision (FID) of $5 billion for the development of the Bonga oil field, followed by another $2 billion investment in a shallow-water gas development project known as HI. “In total, Shell has already invested over $7 billion since the announcement of the incentives. You can imagine what this means if such confidence is replicated across other investors”, he stated.
Building on that momentum, the NNPCL boss disclosed that Shell has now assured President Tinubu of plans to pursue new investment opportunities valued at about $20 billion in the coming years, further reinforcing Nigeria’s attractiveness as an energy investment destination.
Ojulari also revealed that discussions are ongoing on Shell’s next major project, the Bonga South-West project, which is estimated to require capital expenditure of nearly $10 billion, in addition to significant operating expenses.
He stressed that beyond the financial figures, the investments would have far-reaching socio-economic benefits for Nigerians, including job-creation and the revival of local industrial capacity. “These big numbers translate to more jobs during construction and operations. Nigerians will have many opportunities to participate; and fabrication yards that have been idle for years due to lack of projects will come back to life”, he said.
Ojulari commended President Tinubu’s leadership, describing it as practical and impactful rather than rhetorical, particularly in the areas of transparency and commitment to the administration’s ‘Renewed Hope Agenda’. He expressed optimism that sustained policy consistency would continue to unlock new waves of foreign direct investment into Nigeria’s oil and gas industry.
