President Bola Tinubu has approved targeted fiscal incentives to support the long delayed Final Investment Decision on the Bonga Southwest Aparo deepwater project, in a move NNPC Limited says could unlock about 20 billion dollars in investment for Nigeria’s oil and gas sector.
NNPC announced the development in a press release published on Tuesday, stating that the presidential approval marks a major step towards advancing one of Nigeria’s most significant offshore projects. The company said the decision is expected to improve investor confidence and strengthen the country’s drive to attract fresh capital into deepwater exploration and production.
The State House had earlier disclosed that President Tinubu approved the gazetting of investment linked incentives for Shell’s proposed Bonga South West project and other deep offshore developments. According to the Presidency, the incentives are designed to support new capital inflows, incremental production, local content delivery and in country value addition, while remaining within Nigeria’s legal and fiscal framework.
President Tinubu also said the project should reach Final Investment Decision within the first term of his administration, describing it as strategic to the economy. The Presidency said the project has the potential to create jobs, boost foreign exchange inflows and generate sustained government revenue over its life cycle.
The latest announcement from NNPC signals renewed momentum around the Bonga deepwater development after years of delay. The project is widely seen as critical to Nigeria’s efforts to raise crude oil output, deepen offshore investment and reinforce long term energy security.
