President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell and its partners. The President also directed the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

The Office of the Special Adviser to the President on Energy welcomes the issuance of the first bond under the Presidential Power Sector Debt Reduction Programme. Issued by NBET Finance Company Plc, a Special Purpose Vehicle (“SPV”) of the Nigerian Bulk Electricity Trading (NBET) Plc, the ₦590 billion Series 1 Power Sector Bond is guaranteed by the full faith and credit of the Federal Government of Nigeria. CardinalStone Partners Limited is the Lead Financial Adviser and Lead Issuing House.

Across Africa, the energy landscape is shifting. Capital is more selective. Project economics face global competition. Investors are demanding speed, reliability, and clarity of execution. In this environment, local content is not a patriotic slogan—it is an industrial strategy. It must unlock value, reduce cost, shorten timelines, and boost national competitiveness. And above all, it must deliver projects at scale.