Nigeria's president, Bola Ahmed Tinubu has praised Shell and its partners for securing the country's first deepwater project in over a decade, worth $5 billion.

Bayo Onanuga, a presidential spokesperson, made this known in a statement on Monday, December 16, 2024.

This comes shortly after Shell recently announced its Final Investment Decision, (FID) on the Bonga North Deep Offshore Field, expected to yield approximately 350 million barrels of crude oil.

In reaction to the announcement, Tinubu stated that the achievement is an indication of the transformative impact of policy direction in the oil and gas sector under his administration.

“The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people. We designed our policies and reforms from the start of my administration to achieve this goal. Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts. We will continue to offer the necessary support to ensure their success and the realisation of Nigeria’s energy potential.

“We are open for business and serious about creating a stable, predictable, and investor-friendly environment.

“Presidential Directives issued in early 2024 reinforced this commitment by fast-tracking regulatory approvals, reducing operational costs, and introducing competitive fiscal incentives.

“The Bonga North project is the second of the blueprint projects President Bola Ahmed Tinubu selected to drive the implementation of the transformative Presidential Directives 40, 41, and 42 issued in the first quarter of 2024.

“These directives, aimed at enhancing regulatory clarity, accelerating project timelines, and incentivising investment in Nigeria’s energy sector, have yielded remarkable results. Earlier this year, the Ubeta oilfield (OML 58), the first blueprint project under this initiative, achieved a Final Investment Decision (FID) through a partnership between TotalEnergies and NNPC Limited. Dormant since its discovery in 1965, the Ubeta project will produce 350 million standard cubic feet of gas per day, bolstering domestic supply and expanding Nigeria’s presence in the global energy market”, a statement from Tinubu’s spokesperson, Onanuga, read.