FG welcomes Shell's renewed investment drive in energy sector
Business
The Federal Government has welcomed Shell’s renewed commitment to the energy sector, describing it as a strong signal of growing investor confidence in the country’s economic reforms and policy direction.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known on Wednesday in Abuja during a courtesy visit by a delegation from Shell Petroleum Development Company (SPDC) Nigeria Limited. The delegation was led by the company’s Managing Director and Country Chair, Mr. Osagie Okunbor.
A statement from the Ministry of Finance said Edun praised Shell for its longstanding role in Nigeria’s energy development and expressed optimism over the company’s latest investment decisions. He noted that the Tinubu administration remains focused on sustaining macroeconomic reforms, attracting long-term capital, and ensuring a transparent, stable, and investor-friendly environment that supports both domestic and global business interests.
During the visit, Shell introduced Mr. Marno De-Jong as the incoming Chairman of Shell Nigeria Exploration and Production Company (SNEPCo) and Executive Vice President for Nigeria. The introduction coincides with a renewed push by the energy giant to expand its footprint in Nigeria following what company officials described as a more predictable and reform-oriented policy climate.
The delegation confirmed Shell’s decision to proceed with capital investment in the Bonga North deep-water project and its supporting infrastructure. The Bonga North development is part of a broader $5 billion investment plan, making it Shell’s first major offshore project in Nigeria in over ten years.
In addition to the Bonga North commitment, the Shell team disclosed its recent acquisition of TotalEnergies’ interest in Oil Mining Lease (OML) 118, a deal worth $500 million. The transaction significantly strengthens Shell’s strategic position in Nigeria’s oil and gas sector and signals long-term operational confidence.
Company representatives cited a number of factors behind their renewed momentum in Nigeria, including improved policy coherence, increased regulatory certainty, and progress in resolving issues related to local content policies.
Mr. Wale Edun described the visit as timely and impactful, adding that Shell’s investment pipeline will play a major role in boosting energy production, creating jobs, and enhancing government revenue.
“The Federal Government is determined to provide the right environment for responsible investments,” Edun said. “This administration is committed to removing barriers that have hindered investor participation and ensuring that our policies encourage long-term economic partnerships.”
Shell’s renewed engagement in Nigeria is being viewed as part of a broader trend of re-engagement by international oil companies (IOCs), who are watching closely as the Nigerian government implements its reform agenda to attract capital into critical sectors, especially energy and infrastructure.
The visit also aligns with the government’s objective of achieving inclusive economic growth, ensuring energy security, and accelerating infrastructure development through active private sector participation.
From Left To Right: Osagie Okunbor:MD and Country Chair Shell; Wale Edun Minister of Finance and Coordinating Minister of the Economy and Marno De-Jong, Executive Vice President For Nigeria Shell.
