Nigeria’s President, Bola Ahmed Tinubu, has approved a package of fiscal incentives aimed at unlocking investment in the long-delayed Bonga Southwest Aparo (BSWA) deepwater oil project, a move expected to attract about $20 billion in foreign direct investment into the country’s energy sector.
The announcement was made by Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, who described the decision as a “historic” step toward transforming Nigeria’s energy landscape.
According to Ojulari, the incentives clear the way for the long-awaited Final Investment Decision (FID) on the Bonga Southwest Aparo project, one of Nigeria’s major deepwater developments.
Officials say the project is expected to significantly boost the country’s oil and gas output, with projected production of about 150,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily once operational.
Industry analysts note that the scale of the investment could signal renewed international confidence in Nigeria’s petroleum sector, which has faced years of declining investment due to regulatory uncertainty and global energy transition pressures.
Beyond production gains, the project is also expected to stimulate job creation, strengthen local content participation, and improve energy security across the country.
NNPC Limited said it remains committed to working with industry partners to ensure disciplined project execution while unlocking Nigeria’s vast offshore energy resources in line with the federal government’s economic transformation agenda.