TMV Commends FG Over Incentives for $20bn Bonga Project
By Alabidun Shuaib AbdulRahman
The Tinubu Media Volunteers, TMV has commended the Federal Government’s approval of incentives for the $20bn Bonga Southwest Deepwater project, describing it as a strong signal of Nigeria’s readiness to attract large-scale investments in the oil and gas sector.
In a statement issued on Monday and signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group said the move demonstrated the commitment of the administration of President Bola Tinubu to opening up the country’s economy to global investors.
TMV noted that the incentives were designed to unlock the long-awaited Final Investment Decision by Shell on the Bonga Southwest Aparo deepwater project, following recent engagements between the President and top executives of the oil giant.
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According to the group, the development reflects renewed investor confidence in Nigeria’s policy direction and the government’s determination to convert ongoing reforms into tangible economic outcomes.
“The incentives are meant to unlock the long-awaited Final Investment Decision by global oil giant Shell for the Bonga Southwest Aparo Deepwater project,” the statement read in part.
“It is also a testament to renewed confidence in Nigeria’s policy direction and its commitment to translating reform momentum into real investment results.”
The group further described the approval as evidence of effective leadership and policy execution by the current administration, noting that the project had remained stalled for nearly two decades due to fiscal and regulatory challenges.
TMV attributed the breakthrough to sustained reforms under the Tinubu administration as well as advocacy efforts by the Nigerian National Petroleum Company Limited.
It added that the development underscored NNPCL’s commitment to unlocking Nigeria’s vast oil and gas potential through strategic partnerships and innovation.
The group explained that the fiscal framework supporting the project includes enhanced production tax credits and the resolution of issues arising from the 2021 dispute settlement agreement, which it said had helped create a more competitive investment environment.
According to TMV, previous efforts to advance the project were hindered by unfavourable fiscal terms and regulatory bottlenecks.
The group also said the administration’s decision to approve the incentives was a deliberate policy move aimed at boosting crude oil production and attracting further investments into the sector.
It noted that the Bonga Southwest Aparo development, operated by Shell through its Nigerian deepwater subsidiary, is expected to produce about 150,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily when fully operational.
TMV added that the Federal Government’s hands-on engagement in resolving longstanding issues surrounding the project sends a positive signal to the global investment community about Nigeria’s willingness to protect investor interests while ensuring economic growth.
The group maintained that the development would not only enhance production capacity but also strengthen Nigeria’s position as a competitive destination for energy investments.
