Abuja, Nigeria – March 10, 2026 – In a significant move aimed at boosting Nigeria’s energy sector, His Excellency, President Bola Ahmed Tinubu GCFR, has granted approval for a targeted fiscal incentive that will pave the way for the Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project. Estimated to attract $20 billion in Foreign Direct Investment, the approval marks a major step in Nigeria’s drive to accelerate sustainable economic growth through strategic energy investments.
The long-awaited FID follows months of intense technical and commercial negotiations involving NNPC Limited, the Nigeria Revenue Service (NRS), the Special Adviser to the President on Energy, Olu Verheijen, and Shell CEO Mr. Wael Sawan. This crucial approval comes after a directive by President Tinubu during a courtesy visit by Shell’s CEO, aimed at fast-tracking the enabling factors for moving this strategic project forward. The Bonga project is set to usher in a new era of deepwater production in Nigeria, signaling a renewed confidence in the country’s energy policy.
Commenting on the approval, Engr. Bashir Bayo Ojulari, the Group CEO of NNPC Limited, lauded the leadership of President Tinubu, crediting the approval as a testament to Nigeria’s commitment to attracting investment in the energy sector.
“This approval is a testament to the President’s leadership, NNPC’s disciplined execution, and our ability to structure complex, bankable transactions that deliver value for Nigeria,” Ojulari stated. “For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership, we have broken that logjam. This is what partnership, persistence, and policy clarity can achieve.”
Ojulari also emphasized NNPC’s continued dedication to unlocking Nigeria’s energy potential, with partnerships and innovation serving as cornerstones of the country’s strategy for long-term growth.
The Bonga Southwest Aparo project will be the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008, setting a precedent for future investments in Nigeria’s energy sector. The fiscal package approved by President Tinubu includes an enhanced Production Tax Credit, resolving the 2021 dispute settlement agreement and creating a competitive framework that balances national value with investor returns. This effort underscores NNPC Limited’s collaboration with SNEPCo and other contractors to address structural constraints while ensuring Nigeria’s long-term interests are preserved.
The project is expected to create over 5,000 direct and indirect jobs and deliver a significant impact on Nigeria’s energy landscape, producing 150,000 barrels per day of crude oil and 140 million standard cubic feet of gas per day upon completion. By unlocking these resources, the Bonga Southwest Aparo project will further solidify Nigeria’s position as a premier deepwater investment destination.
The approval, which was granted after rigorous evaluation by the National Revenue Service, marks a critical milestone in the country’s strategic pivot toward partnership-driven growth. With this Presidential endorsement, NNPC and its partners are now poised to move forward with FID, triggering a multi-billion-dollar capital commitment that promises to transform Nigeria’s deepwater sector and deliver sustainable value to the nation.
