Shell is considering investing $6 billion in offshore and gas projects in Nigeria.
Nigeria, the top economy and major oil producer on the continent, aims to attract more foreign investment following economic reforms introduced by President Bola Ahmed Tinubu in May.
Oil giant Shell has identified $6 billion worth of investment opportunities in Nigeria, particularly in offshore, gas, and Liquefied Natural Gas (LNG) projects, according to a statement released by the country’s presidency on Friday.
Nigeria, which is the top economy and a major oil producer in Africa, is currently trying to attract more foreign investment ever since President Bola Ahmed Tinubu assumed office in May.
Recently, Zoe Yujnovich, a representative from Shell, announced an upcoming investment of $5 billion in the Bonga North offshore project, following a meeting with Tinubu in Abuja.
Moreover, Shell has committed to investing another $1 billion over the next 5 to 10 years in gas and LNG, according to a statement released by the presidency. Shell is committed to investing in Nigeria while refocusing on new and existing opportunities in the Deepwater and Gas sector.
Tinubu, a former governor of Lagos, has expressed his commitment to resolving the issues that hinder investment in the energy sector. In a statement, he emphasized that Nigeria is determined to become the go-to destination for large-scale investment in all key sectors.
Nigeria, being a member of OPEC, has seen a decline in its oil output due to widespread pipeline theft, attacks, and high operating costs, thereby deterring on-shore investors.
A new law, the Petroleum Industry Bill, was passed in 2021 after years of debate and delays. The aim was to attract more foreign investment in the oil sector by amending regulations, royalties, and taxes.
