President Bola Tinubu has expressed confidence in attracting increased investments from Shell Petroleum Development Company of Nigeria (SPDC), saying his administration was ready to remove bottlenecks to attract investments.
Tinubu emphasizes Nigeria’s enduring partnership with Shell, tracing back to the company’s historic discovery of the first commercial oil field in Oloibiri, Niger Delta, in 1956.
The president, as conveyed by presidential spokesman Ajuri Ngelale, assured the security and viability of both current and prospective investments in the country while meeting with the management of Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich.
“We have made progress since our last meeting. 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.
“Given our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.
“We are very focused on resolving all investment-related issues bottleneck 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. We need each other,” the president told the delegation.
Ms. Yujnovich, speaking for the Shell Group, conveyed the company’s dedication to upholding its legacy of investments in Nigeria. She emphasized this commitment, especially as Shell redirects its investments to capitalize on emerging opportunities in the deepwater and gas sectors.
She detailed the company’s commitment to advancing the gas value chain in Nigeria. This includes a significant investment of $1 billion over the next five to 10 years, to unlock gas resources for domestic use and support the Nigeria Liquefied Natural Gas (NLNG) project
Ms. Yujnovich revealed an upcoming investment opportunity of $5 billion in the Bonga North project, situated offshore Nigeria in deep waters.
Expressing enthusiasm, she conveyed Shell’s eagerness to proceed with the mentioned investment. Additionally, she outlined several potential investments that the Shell Group is exploring in Nigeria for the short to medium term.
She commended the collaborative efforts with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, acknowledging their roles in achieving significant progress in realizing the potential of these projects and others.
“Mr. President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring more new investments to Nigeria
“I have made commitments to our investors that we will continue to invest in gas and oil. In Nigeria, I see all the conditions to continue to make this partnership stronger. In the deep water, we have an imminent investment opportunity in Bonga North. This is $5 billion. I am keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” she said.
Kanyi Daily recalls that Federal Capital Territory (FCT) minister Nyesom Wike, had affirmed his commitment to implementing Bola Tinubu’s “renewed hope” agenda, vowing to uphold tough decisions for the betterment of the people.
