Shell Eyes $6 Billion Investment in Nigeria’s Energy Sector

Oil giant, Shell has identified promising investment opportunities worth $6 billion in Nigeria, with a particular focus on offshore, gas, and liquefied natural gas (LNG) projects.

The announcement was made in a statement released by the country’s presidency on Friday.

Nigeria, known as the continent’s top economy and a major oil producer, is actively seeking increased foreign investment. This move aligns with the economic reforms introduced by President Bola Ahmed Tinubu, who assumed office in May.

Following a meeting with President Tinubu in Abuja, Shell representative, Zoe Yujnovich disclosed an “imminent” $5 billion investment in the Bonga North offshore project.

Additionally, Shell commits to injecting another $1 billion into gas and LNG projects over the next 5 to 10 years, as outlined in the presidency’s statement.

The statement highlighted Shell’s unwavering commitment to Nigeria, emphasising the company’s strategic refocus on key opportunities in the Deepwater and Gas sector.

President Tinubu, a former Lagos governor, expressed his dedication to overcoming obstacles hindering investment in the energy sector. This announcement signals a collaborative effort between the Nigerian government and Shell to foster economic growth and capitalise on the potential of the country’s energy landscape.

Former Lagos governor, Tinubu, expressed his dedication to removing obstacles hindering investment in the energy sector.

“We are very focused on resolving all investment-related issues,” the Nigerian leader said in the statement.

“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.”

Nigeria, an OPEC member, has witnessed a decline in its oil output in recent years, attributed to widespread theft from pipelines, attacks, and high operating costs, dissuading onshore investors.