Oil giant Shell Plc has announced plans to invest up to $20 billion in Nigeria’s oil and gas industry in the coming years, signaling strong confidence in the country’s energy sector.

The announcement came after a meeting between President Bola Ahmed Tinubu and Shell’s global leadership, led by CEO Wael Sawan, at the Presidential Villa in Abuja.

According to Bashir Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), the investment reflects growing international trust in Nigeria’s energy reforms and incentives under the Petroleum Industry Act (PIA).

Ojulari highlighted that Shell’s funding would largely focus on the Bonga South West deep-water project, which is expected to require significant capital for development. The planned investment could also create long-term jobs and revive local oil and gas support industries that have been largely dormant.

He emphasized that Shell has a history of investing heavily in Nigeria, including projects like Bonga North and various shallow-water gas developments, which shows the country is becoming more attractive for global investors.

As the concession holder, NNPCL will oversee these projects to ensure they align with national priorities and deliver sustainable benefits.