Nigeria’s President, Bola Ahmed Tinubu, has reassured both local and international investors on the security and prosperity of their investments in the country. In a meeting with the management of Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, President Tinubu expressed his confidence in the increasing investments from the Shell Petroleum Development Company of Nigeria (SPDC).
Referring to the historical alliance between Nigeria and SPDC, President Tinubu affirmed his unwavering support for the partnership, emphasizing the government’s dedication to resolving investment-related issues. “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,” President Tinubu stated.
In response, Ms. Yujnovich reiterated Shell’s commitment to upholding its legacy of investments in Nigeria, particularly in the Deepwater and Gas sector. She detailed the company’s plans to channel a substantial amount of $1 billion over the next five to ten years towards unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project. Adding to this, Ms. Yujnovich also disclosed an imminent $5 billion investment opportunity in the Bonga North project located in the deep waters off the shores of Nigeria.
Expressing her enthusiasm for these investments, Ms. Yujnovich outlined several prospective ventures that the Shell Group is eyeing in Nigeria over the short to medium term. She commended the collaborative efforts with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, underscoring their instrumental roles in driving progress in these projects.
“I want to be successful in my role, and I cannot achieve that without finding a way to bring more new investments to Nigeria,” emphasized Ms. Yujnovich, highlighting the company’s commitment to further invest in gas and oil in Nigeria. Asserting the conducive environment for this partnership, she emphasized the imminent $5 billion investment opportunity in Bonga North, articulating her keenness to expedite this project and build a pipeline of new investments in the region.
President Tinubu’s unwavering commitment to safeguarding investments, and Shell’s dedicated plans for substantial investments, signify a promising trajectory for Nigeria’s economic landscape. These developments not only underscore the government’s proactive stance in promoting investment but also signal a compelling opportunity for global investors to engage with Nigeria’s burgeoning market.
