President Bola Tinubu conveyed his optimism regarding the heightened potential for increased investments from the Shell Petroleum Development Company of Nigeria (SPDC) during a meeting with the management of Shell Group in Abuja on Thursday.
In an official statement, Special Adviser to the President on Media and Publicity Chief Ajuri Ngelale said the President underscored the enduring relationship between Nigeria and the company, which traces its origins back to the discovery of the first commercial oil field at Oloibiri in the Niger Delta in 1956.
Welcoming the delegation led by Ms. Zoe Yujnovich, Global Integrated Gas and Upstream Director of Shell Group, President Tinubu assured the company of his administration’s ongoing commitment to ensuring the security and prosperity of both existing and prospective investments within the country.
Highlighting the progress made since their last meeting, President Tinubu affirmed his support for Shell Group’s endeavors, emphasizing the growing focus on investments across the continent. “I am spearheading Nigeria’s global march for new investments at home,” stated the President, expressing determination to address any impediments hindering the country’s ascent as a hub for large-scale investments in key sectors.
Reaffirming the longstanding relationship with Shell, President Tinubu urged the company to intensify its efforts, promising unwavering support from the government. “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. We need each other,” he declared.
In response, Ms. Zoe Yujnovich conveyed Shell’s commitment to maintaining its legacy of onshore investments in Nigeria, particularly as the company shifts its focus towards capitalizing on new and existing opportunities in the gas sector. She announced a substantial commitment of $1 billion over the next five to ten years to develop the gas value chain in Nigeria, with the aim of unlocking gas resources for domestic use and contributing to the Nigeria Liquefied Natural Gas (NLNG) project.
Ms. Yujnovich also revealed an imminent $5 billion investment opportunity in the Bonga North project located in the deep waters off the shores of Nigeria. Expressing eagerness to proceed with this investment, she outlined several prospective investments Shell Group is considering in Nigeria over the short to medium term.
Commending the collaboration with key stakeholders, including the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, Ms. Yujnovich acknowledged their roles in achieving significant progress in realizing the potential of these projects.
In her concluding remarks, she expressed Shell’s commitment to continuing its partnership with Nigeria, stating, “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. We want to continue and build a pipeline of new investments in Nigeria.”
