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Bola Ahmed Tinubu approves fiscal incentives to unlock $20bn Bonga Southwest Aparo deepwater project
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Project expected to create over 5,000 jobs and produce 150,000 barrels of crude oil daily
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Nigerian National Petroleum Company Limited partners Shell to revive stalled investment after 18 years
President Bola Ahmed Tinubu has approved a targeted fiscal incentive package to unlock the long-delayed Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater oil project.
The approval ends nearly 18 years of delay and marks the first Final Investment Decision on a deepwater Production Sharing Contract asset in Nigeria since 2008.
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According to a statement issued by Nigerian National Petroleum Company Limited through its Chief Corporate Communications Officer, Andy Odeh, the decision is expected to attract about $20 billion in foreign direct investment into Nigeria’s oil sector.
The Bonga Southwest Aparo project, operated by Shell in partnership with other international oil companies, is projected to generate more than 5,000 direct and indirect jobs.
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Upon completion, the project is expected to produce about 150,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily.
The fiscal incentive package approved by the president includes an enhanced production tax credit and the resolution of issues surrounding the 2021 dispute settlement agreement to improve investor confidence.
Reacting to the development, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the approval as a major breakthrough that will unlock Nigeria’s deepwater investment potential.
Ojulari said the project had remained stalled for nearly two decades but has now been revived through policy clarity and collaboration between the government and industry partners.
He added that the move reflects Nigeria’s renewed push to attract strategic investments, boost energy security, and drive economic growth.