Group says Tinubu’s shell tax incentives will unlock $20bn investment
Abuja, July 2026 (TBL Africa) The Tinubu Media Support Group (TMSG) says President Bola Tinubu’s tax incentives for Shell’s Bonga Southwest project will unlock about 20 billion dollars in foreign investment.
The group said this in a statement jointly signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, on Tuesday in Abuja.
It described the incentives as a demonstration of Tinubu’s pro-business approach to attracting major foreign investments into Nigeria’s oil and gas sector.
According to TMSG, the production-based tax credit is designed to accelerate Shell’s Final Investment Decision on the Bonga Southwest Deepwater project.
It said the approval followed discussions between Tinubu and a Shell delegation led by its Global Chief Executive Officer, Wael Sawan in January.
The group noted that negotiations involving the Federal Government, NNPCL, Nigeria Revenue Service and Shell had now been concluded.
It said the talks were coordinated by the President’s Special Adviser on Energy, Ms Olu Verheijen.
The Group expressed confidence that the agreement had cleared the final hurdle for Shell’s long-delayed investment decision.
It said the project was expected to attract about 20 billion dollars in investment.
The group added that the project would produce about 150,000 barrels of crude oil daily.
It also projected daily gas production of about 140 million cubic feet from the deepwater project.
According to TMSG, the investment will create thousands of direct and indirect jobs across the oil and gas value chain.
It added that increased production would broaden government revenue and strengthen Nigeria’s energy sector.
The group said the incentives would also apply to other new deepwater projects to attract additional foreign investors.
It said that Nigeria had not recorded significant new deepwater investments since 2008.
According to the Group, the incentives aligned with the Tinubu administration’s broader fiscal reforms to restore investor confidence.
It added that the measures would stimulate productivity, create jobs and support the administration’s one trillion-dollar economy target by 2030.
