Nigeria, a leading economy and major oil producer in Africa, aims to attract increased foreign investment following the election of President Bola Ahmed Tinubu in May, who introduced a series of economic reforms.

After discussions with Tinubu in Abuja, Shell representative Zoe Yujnovich announced an anticipated $5 billion investment in the Bonga North offshore project. Additionally, Shell committed to investing another $1 billion over the next 5 to 10 years in gas and LNG projects, as outlined in the presidency’s statement.

The statement emphasized Shell’s ongoing commitment to investing in Nigeria, particularly in the Deepwater and Gas sector, aligning with the company’s strategic refocus on new and existing opportunities.

President Tinubu, a former governor of Lagos, expressed dedication to overcoming investment-related challenges in the energy sector, stating, “We are very focused on resolving all investment-related issues, and 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 faced declining oil output due to pipeline theft, attacks, and high operating costs. The Petroleum Industry Bill, passed in 2021, aims to attract more foreign investment in the oil sector through regulatory amendments, changes to royalties, and tax adjustments.