FG welcomes Shell’s renewed investment drive in energy sector

FG welcomes Shell’s renewed investment drive in energy sector

The Federal Government of Nigeria has welcomed Shell's renewed commitment to investing in the country’s energy sector, viewing it as a sign of rising investor confidence in the Tinubu administration’s economic reforms. During a courtesy visit in Abuja, Shell’s delegation—led by SPDC Nigeria’s MD, Osagie Okunbor—met with Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who praised Shell’s longstanding partnership and expressed optimism about its future investments.

Shell introduced Marno De-Jong as the incoming Executive Vice President for Nigeria and Chairman of Shell Nigeria Exploration and Production Company (SNEPCo). The visit comes as Shell confirmed its capital investment in the Bonga North deep-water oil project—its first major offshore development in Nigeria in over a decade. The Bonga North project is part of a broader $5 billion investment strategy, highlighting Shell’s renewed operational focus in the country.

Additionally, Shell announced its $500 million acquisition of TotalEnergies’ stake in Oil Mining Lease (OML) 118, further consolidating its strategic footprint in Nigeria. The company cited improved policy clarity, regulatory certainty, and progress in resolving local content issues as motivating factors for its renewed engagement.

Minister Edun emphasized that Nigeria is committed to fostering an investment-friendly environment by eliminating obstacles and enhancing transparency. He noted that Shell’s investment will help boost energy production, create jobs, and increase government revenue. Shell’s engagement is also seen as part of a larger trend among international oil companies reassessing Nigeria as a viable and reforming investment destination.