President Bola Tinubu has reiterated his administration’s commitment to safeguarding and promoting both existing and new investments in the country. The President made this declaration during a meeting with a delegation from the Shell Petroleum Development Company (SPDC), led by its Global Integrated Gas and Upstream Director, Zoe Yujnovich, at the Aso Rock in Abuja on Tuesday.
In a statement released by his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu expressed optimism about the potential for increased investments from SPDC. He emphasized the longstanding relationship between Nigeria and the company, acknowledging SPDC’s historical significance as the entity that discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956.
President Tinubu stated, “I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.”
He also assured SPDC of the government’s commitment to resolving all investment-related issues, expressing readiness to remove any obstacles hindering Nigeria from becoming the African hub for large-scale investments in key sectors.
Addressing the Shell delegation, Zoe Yujnovich announced an imminent $5 billion investment opportunity in the Bonga North project, situated in Nigeria’s deep waters. She affirmed Shell’s dedication to maintaining its legacy of onshore investments in Nigeria, particularly in the gas sector.
Yujnovich highlighted the company’s commitment to the development of the gas value chain in Nigeria, including a substantial investment of $1 billion over the next five to ten years. This investment is aimed at unlocking gas resources for domestic use and supporting the Nigeria Liquefied Natural Gas (NLNG) project.
Commending the collaborative efforts with key figures in the Nigerian government, Yujnovich expressed the company’s intention to strengthen its partnership with Nigeria. She also announced a keen interest in a $5 billion investment in the Bonga North project and the commitment to building a pipeline of new investments in the country.
The President welcomed these initiatives, emphasizing the need for a robust partnership and the removal of barriers to facilitate increased investments in the nation.