Tinubu Approves Fiscal Incentive for $20bn Bonga Deepwater Project
President Bola Ahmed Tinubu has approved a targeted fiscal incentive aimed at unlocking the long-awaited Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project.
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The approval, secured by the Nigerian National Petroleum Company Limited (NNPC), is expected to pave the way for the development of the major offshore oil project, which is projected to attract about $20 billion in Foreign Direct Investment into Nigeria.
The Bonga Southwest Aparo deepwater project is regarded as a significant milestone in Nigeria’s efforts to boost investment in the oil and gas sector while strengthening long-term economic growth.
Officials say the project will also position the country for a new phase of deepwater oil production, enhancing energy output and increasing government revenue from offshore operations.
The initiative forms part of the Federal Government’s broader strategy to create an enabling environment for strategic investments and revitalise Nigeria’s petroleum industry.
Tinubu Approves Fiscal Incentive for $20bn Bonga Deepwater Project