Tinubu to remove bottlenecks for multinationals, Shell plans $5bn investment

President Bola Tinubu on Thursday told multinationals operating in Nigeria that his administration is determined to remove all bottlenecks to the smooth running of their businesses.

“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors. We need each other,” the President told a visiting delegation of the management of Shell Group led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, at the State House, Abuja.

The President’s remarks followed the recent exodus of some multinational companies from the country in the past months.

A PUNCH analysis of separate notices filed by several companies show that at least five multinationals have shut operations in Nigeria in the last 10 months.

But in a statement signed Friday by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu expressed confidence in the potential for increased investment from Shell Petroleum Development Company of Nigeria.

Emphasising Nigeria’s longstanding ties with Shell, which date back to the discovery of the country’s first commercial oil field in 1956, the President assured the Shell delegation of his administration’s commitment to securing and fostering both existing and new investments.

“We have made progress since our last meeting. I will continue to support and encourage you on this path.

“There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.

“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible,” he added.

The President said his administration will continue to ensure the security and viability of existing and new investments in the country.

Shell’s Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, on behalf of the Shell Group, affirmed the company’s intent to sustain its investment legacy in Nigeria.

This includes a particular focus on deepwater and gas sector opportunities, with a pledged investment of $1bn over the next decade to enhance the domestic gas value chain and support the Nigeria Liquefied Natural Gas project.

She announced an upcoming $5bn investment in the Bonga North project, located off Nigeria’s coast, saying it underscores Shell’s commitment to the country’s energy sector.

Yujnovich expressed eagerness to proceed with this significant venture and noted the series of prospective investments Shell is considering in Nigeria.

She said, “Mr. President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring more new investments to Nigeria.

“I have made commitments to our investors that we will continue to invest in gas and oil. In Nigeria, I see all the conditions to continue to make this partnership stronger.

“In the deep water, we have an imminent investment opportunity in Bonga North. This is $5bn. I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria.”

Acknowledging the Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, and Olu Verheijen, Special Adviser to the President on Energy, Ms. Yujnovich, credited their roles in advancing the projects.