Shell is eyeing a golden opportunity worth $5 billion in offshore oil investment in Nigeria, with an additional commitment of $1 billion over the next five to ten years to enhance natural gas production for both domestic use and exports. The announcement came from a presidential spokesperson on Thursday, revealing insights from Shell’s director of gas and upstream operations.

Nigerian President Bola Tinubu engaged in discussions with Shell’s Zoe Yujnovich, strategically aiming to attract substantial capital to Africa’s leading energy producer, as stated by presidential spokesperson Ajuri Ngelale.

Yujnovich expressed enthusiasm about an imminent $5 billion investment prospect in the offshore Bonga North oil project, emphasizing the eagerness to expedite the investment process. She added, “We want to continue building a pipeline of new investments in Nigeria.”

While a Shell spokesperson confirmed the talks with the Nigerian president, details remained undisclosed due to the private nature of the discussions.

Nigeria’s oil output has faced a decline over the years, hampered by extensive theft and sabotage. However, recent months have witnessed a resurgence, supported by offshore production, which is less susceptible to attacks.

President Tinubu, committed to overcoming obstacles hindering capital flow into Nigeria’s energy sector, pledged to resolve “all investment-related issues.” He affirmed, “There is no bottleneck too challenging for us to remove in our determined march towards making Nigeria the African haven for large-scale investments.

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