President Bola Tinubu, on Tuesday, said his administration would continue to ensure the security and viability of existing and new investments in the country.
Tinubu made this known during a meeting with a Shell Petroleum Development Company delegation, led by its Global Integrated Gas and Upstream Director, Zoe Yujnovich, at the Aso Rock in Abuja.
In a statement through his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC), emphasizing Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956.
He said, “We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.
“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.
“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.”
Tinubu further expressed confidence in the potential for collaboration with Shell.
In a bid to attract more foreign investment, Tinubu has met with oil executives to improve the oil sector of the country.
The president, in June 2023, met with executives of ExxonMobil Company and Mobil Producing Nigeria Unlimited (MPNU) amid the petrol subsidy removal crisis.
Tinubu said the meetings were efforts by his government to bring stabilisation to the oil sector.
Also speaking on behalf of the Shell Group, Yujnovich announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in the deep water.
She expressed Shell’s commitment to maintain its legacy of onshore investments in Nigeria, particularly as the company refocuses its investment to key into new and existing opportunities in the gas sector.
She outlined the company’s dedication to the development of the gas value chain in the country, including a substantial commitment of $1 billion over the next five to ten years, aimed at unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project.
Yujnovich also commended the collaboration her team has experienced with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, while acknowledging their roles in achieving significant progress in actualizing the potential of these projects as well as others.
Mr President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring more new investments to Nigeria.
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