The Democratic Front (TDF) has lauded the signing of the $5 billion Final Investment Decision (FID) for the Bonga North Deep Offshore field by Shell and its partners, describing it as a strong endorsement of Nigeria’s investor-friendly climate under President Bola Tinubu’s administration.
In a statement signed by its Chairman, Danjuma Muhammad, and Secretary, Wale Adedayo, TDF emphasized that the agreement highlights the nation’s continued appeal for strategic investments from International Oil Companies (IOCs).
The statement read in part: “We join President Bola Tinubu in celebrating Shell’s FID on the Bonga North Offshore Field. This investment reflects the success of reforms introduced by the President through Presidential Directives 40, 41, and 42, which have streamlined regulatory approvals, reduced operational costs, and provided competitive fiscal incentives in the oil and gas sector.”
The TDF emphasized the significance of the $5 billion investment, not only for its monetary value but also for the field’s estimated reserves of 350 million barrels of crude oil. This project is expected to boost Nigeria’s oil production and revenue, further cementing its position as Africa’s leading oil producer.
The group also dismissed misconceptions about IOCs exiting Nigeria, pointing out that companies like Shell were making substantial investments in response to the Tinubu administration’s pro-business policies.