President Bola Tinubu has approved a targeted fiscal incentive package aimed at unlocking the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo deepwater oil project.
The development was disclosed by the Nigerian National Petroleum Company Limited (NNPC Ltd), which described the move as a major step toward attracting investment and boosting economic growth.
The approval follows earlier engagement between the federal government and Shell executives, who expressed renewed interest in investing in Nigeria’s energy sector due to improved policy stability and investment conditions.
NNPC said the decision came after months of negotiations involving key stakeholders, including government agencies and energy sector leaders, to resolve financial and structural issues delaying the project.
The Bonga Southwest project is expected to be the first deepwater FID in Nigeria in years, with projections of significant oil and gas output as well as thousands of jobs upon completion.
Officials say the move signals renewed investor confidence and could reshape Nigeria’s deepwater oil production landscape while supporting long-term economic development.
