By Isaac Joseph Inyang
President Bola Ahmed Tinubu has approved a targeted fiscal incentive package to facilitate the Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project, the NNPC Limited announced in a press release on March 10, 2026.
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The package is aimed at removing longstanding fiscal and regulatory constraints that had delayed progress on the project, which is expected to attract roughly $20 billion in foreign direct investment into Nigeria’s energy sector.
NNPC Limited, acting as the concessionaire, worked with the Nigeria Revenue Service, the Special Adviser to the President on Energy, Olu Verheijen, and the Chief Executive Officer of Shell, Wael Sawan, in months of technical and commercial negotiations to reach the framework now approved by the presidency.
In the press release, the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, described the approval as a testament to the administration’s commitment to creating a policy and fiscal environment capable of unlocking Nigeria’s deepwater potential.
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The Bonga Southwest Aparo project, operated by Shell in partnership with other international oil companies, is projected to generate more than 5,000 direct and indirect jobs. Upon completion, the development is expected to produce about 150,000 barrels of crude oil per day and approximately 140 million standard cubic feet of gas per day.
NNPC Limited emphasized that the presidential approval sets the stage for the FID, which will trigger the multi-billion-dollar investment needed to advance Nigeria’s deepwater oil and g as production.
