President Bola Tinubu has approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South-West deep-offshore oil project.

He directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette in line with existing legal and fiscal frameworks.

This is contained in a statement issued by Mr. Sunday Dare, Special Adviser to the President on Media and Public Communication, on Thursday, January 22, 2026, in Abuja.

Receiving a Shell delegation led by Global Chief Executive Officer, Mr. Wael Sawan, Tinubu said the incentives were disciplined, targeted and globally competitive.

He said the measures were designed to attract fresh capital without undermining government revenues.

The President said: “These incentives are not blanket concessions.

“They are ring-fenced and investment-linked, focused on new capital, incremental production, strong local content delivery and in-country value addition.

“My expectation is clear: Bonga South-West must reach a Final Investment Decision within the first term of this administration.”

Tinubu described the project as strategic to Nigeria’s economy, with potential to create thousands of direct and indirect jobs.

He said it would generate significant foreign-exchange inflows and deliver sustained government revenues throughout the project’s lifespan.

Tinubu added that the project would deepen Nigerian participation in offshore engineering, fabrication, logistics and energy services.

He reaffirmed his administration’s commitment to policy stability, regulatory certainty and speedy execution to restore investor confidence.

The President noted that Shell and its partners invested nearly seven billion dollars in Nigeria within the past 13 months.

He said investments in Bonga North and HI showed that Nigeria’s economic and energy-sector reforms were yielding positive results.

Sawan said Nigeria’s investment climate had improved remarkably under Tinubu, adding that Shell was increasingly confident in long-term investment prospects.

Members of the delegation included senior executives from Shell’s global and Nigerian leadership teams.

Meanwhile, Gov. Dapo Abiodun of Ogun State says President Bola Tinubu has approved the commencement of commercial oil drilling at Tongeji Island in Ipokia local government area of the state.

Abiodun disclosed this on Thursday in Abeokuta while receiving the Flag Officer Commanding, Western Naval Command, Rear Admiral Abubakar Mustapha and other senior officers in his office.

He said the president had also approved the immediate take-off of the Olokola Deep Seaport project in Ogun Waterside Local Government Area, bringing an end to years of delay surrounding the multibillion-dollar port.

According to him, both projects are of special interest to the president, adding that the seaport would help decongest Lagos ports, while oil drilling at Tongeji Island would boost economic activities and inclusion in coastal communities.

“Mr President has approved the commencement of commercial oil drilling operations at Tongeji Island, and activities will soon begin there.

“The Olokola deep seaport project, which has been on the drawing board for several years, has been revived following a series of meetings with the president.

“I want to sincerely thank Mr President because this is solely his initiative. In the last two weeks alone, we have held several meetings on Olokola, and he has clearly expressed his desire to see the port become a reality,” he said.

The governor said the seaport, to be known as the Blue Marine Economic Zone, would leverage the coastal road as an alternative logistics corridor and further ease pressure on the Lagos ports.

He commended the Nigerian Navy for establishing a Forward Operations Base at Tongeji Island, saying the move would enhance security and prevent infiltration from neighbouring Benin Republic.

He said that the state government was working to provide basic amenities for residents of the island to improve living conditions and support emerging economic activities.

Abiodun thanked the Navy for its contribution to security in the state, attributing the relative peace in Ogun to collaboration among security agencies.

Earlier, Mustapha described Ogun as strategic to Nigeria’s national security, adding that the naval outpost at Tongeji Island would be upgraded to a Forward Operations Base due to the area’s oil potential.

He said the visit was to strengthen cooperation between the Nigerian Navy and the Ogun state government, particularly in securing Nigeria’s border with the Republic of Benin and preventing criminal activities.

“Furthermore, the confirmed oil and gas potentials of Ogun state place it among the critical states that will drive Nigeria’s Blue Economy aspirations in the coming years.

“The development of upcoming ports and other key maritime infrastructure further reinforces the state’s importance within Nigeria’s overall maritime and national security strategy.

“As the flag officer commanding, western Naval command, my responsibility is to secure the entire maritime and inland water space from the Republic of Benin boundary down to the Ondo/Lagos axis.

“Ensuring that criminal activities are prevented. Since assuming command, I have intensified operations across the area of responsibility,” he said. 

By Muhyideen Jimoh and Abiodun Lawal