President Tinubu approves Bonga Deepwater Project in a $20 billion breakthrough

Africa, Business

Abuja, Nigeria (NPA) — March 11, 2026 — President Bola Ahmed Tinubu has approved a Final Investment Decision (FID) for the Bonga Deepwater Project, unlocking an estimated $20 billion in Foreign Direct Investment and positioning Nigeria for a new era of offshore oil and gas production.

The Nigerian National Petroleum Corporation (NNPC) announced the milestone in a statement signed by Chief Corporate Communications Officer Andy Odeh. The approval followed months of technical and commercial negotiations involving NNPC Limited, the Nigeria Revenue Service, Special Adviser to the President on Energy Olu Verheijen, and Shell CEO Wael Sawan.

NNPC Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, hailed the breakthrough: “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. For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership, we have broken that logjam.”

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The statement noted that the Bonga Southwest project will be the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008, re-establishing Nigeria as a premier investment destination. The fiscal package includes an enhanced Production Tax Credit and resolution of the 2021 dispute settlement agreement, creating a competitive framework balancing national value with investor returns.

Operated by Shell with all international oil companies in Nigeria as partners, the project is expected to deliver 150,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily, while creating over 5,000 direct and indirect jobs.

“With Presidential approval secured, NNPC and partners will now progress toward execution, triggering multi-billion-dollar capital commitments that will transform Nigeria’s deepwater landscape,” the statement added.