The Nigerian National Petroleum Company Limited (NNPC Ltd.) has secured President Bola Ahmed Tinubu’s approval for a $20 billion Final Investment Decision (FID) for the Bonga Southwest Aparo deepwater project.

The spokesperson for the state-owned oil company, John Odey, disclosed this in a statement issued on Tuesday.

The project is expected to attract about $20 billion in foreign direct investment (FDI) and strengthen Nigeria’s position in deepwater oil production.

The presidential approval followed months of technical and commercial negotiations involving NNPC Limited as the concessionaire, the Nigeria Revenue Service (NRS), the Special Adviser to the President on Energy, Olu Verheijen, and Shell Chief Executive Officer, Wael Sawan.

Reacting to the development, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, described the approval as a reflection of President Tinubu’s leadership in advancing Nigeria’s oil and gas sector.

According to him, “This approval reflects the President’s leadership, NNPC’s disciplined execution, and our capacity to structure complex, bankable transactions that deliver value for Nigeria. For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership and through NNPC’s sustained advocacy, we have overcome that hurdle. This shows what partnership, persistence, and policy clarity can achieve.”

Ojulari added that the development reinforces NNPC’s commitment, under the President’s leadership, to unlocking Nigeria’s vast energy resources through strategic partnerships, innovation, and efficient execution.