FILE PHOTO: General view of Shell petrol station sign
Shell anticipates $6 billion in investment prospects in Nigeria, particularly in offshore, gas, and liquefied natural gas (LNG) projects, according to the country’s presidency.
Nigeria, the continent’s largest economy and major oil producer, has been seeking more foreign investment since President Bola Ahmed Tinubu took office in May, bringing with him a slew of economic changes.
Shell spokeswoman Zoe Yujnovich announced a $5 billion investment in the Bonga North offshore project and a promise of another $1 billion in gas and LNG over the next 5 to 10 years after meeting with Tinubu in Abuja, according to a presidential statement.
Shell will continue to invest in Nigeria, particularly as the company refocuses its investment to key into new and existing opportunities in the Deepwater and Gas sector,according to the statement.
Tinubu, a former Lagos governor and now Nigeria’s President, stated his commitment to removing barriers to energy investment.
“We are very focused on resolving all 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,” the Nigerian leader said in the statement.
Nigeria, an OPEC member, has seen its oil output fall in recent years due to extensive pipeline theft
and attacks, as well as high operational costs that prevent on-shore investors.
The Petroleum Industry Bill, which was passed in 2021 after years of debate and delays, aims to increase foreign investment in the oil sector by amending regulations, royalties, and taxes.
