Group Celebrates Shell’s $5bn Investment In Bonga Field As Vote Of Confidence In Tinubu’s Economic Reforms

The Democratic Front (TDF) has hailed Shell’s announcement of a $5 billion Final Investment Decision (FID) for the Bonga North Deep Offshore field as a significant endorsement of President Bola Tinubu’s economic policies.
In a statement issued today, the group praised the investment as evidence of the administration’s investment-friendly environment and a denial of claims that International Oil Companies (IOCs) are abandoning Nigeria.

The TDF statement, signed by Chairman Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, cited the FID as a direct result of Presidential Directives 40, 41, and 42, which seek to streamline regulatory approvals, reduce operational costs, and provide competitive fiscal incentives in the oil and gas sector.

The Bonga North field, located in OML 118, is expected to produce 350 million barrels of crude oil, substantially increasing Nigeria’s oil production and revenue.

The TDF emphasised that this is the single largest investment in the field since its discovery in 1996.

The group drew parallels with TotalEnergies’ $500 million investment in the Ubeta upstream gas field (OML 58) earlier this year, citing the success of President Tinubu’s economic reforms.

The Ubeta field, which is expected to produce 350 million standard cubic feet of gas per day, will help Nigeria solidify its position as a major gas producer.

“This extraordinary display of confidence in Nigeria’s investment ecosystem confirms the success of the current reforms in removing investment barriers and risks of doing business in Nigeria,” the statement read.

The TDF expressed confidence that more IOCs will follow suit, taking advantage of fiscal incentives provided by the Tinubu administration to invest in Nigeria’s oil and gas sector.

The statement concludes with optimism that these investments will make a significant contribution to the country’s economic development.