NNPC Secures Presidential Approval for $20 Billion Final Investment Decision on Bonga Deepwater Project

Nigerian National Petroleum Company Limited (NNPC Ltd.) Abuja, Nigeria, March 11, 2026

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has secured presidential approval for a targeted fiscal incentive aimed at unlocking the long-awaited Final Investment Decision (FID) on the Bonga Southwest Aparo Project. The development marks a significant milestone in Nigeria’s efforts to attract strategic investments and accelerate sustainable economic growth.

The approval was granted by Bola Ahmed Tinubu, GCFR, as part of ongoing reforms designed to strengthen investor confidence in Nigeria’s oil and gas sector and stimulate large-scale capital inflows.

The Bonga Southwest Aparo (BSWA) deepwater project is projected to attract approximately $20 billion in Foreign Direct Investment (FDI). Once the Final Investment Decision is reached, the project is expected to usher Nigeria into a new phase of deepwater oil production while supporting job creation, technology transfer, and expanded revenue generation for the country.

Industry analysts view the project as a key component of Nigeria’s broader strategy to revitalise upstream oil production and sustain long-term energy sector growth.

The Nigerian National Petroleum Company Limited stated that the fiscal incentive framework approved by the President is designed to address investment constraints and ensure the viability of the deepwater development, thereby strengthening Nigeria’s position as a competitive destination for global energy investments.

Stakeholders in the sector also believe that the Bonga Southwest Aparo project will contribute significantly to Nigeria’s energy security and enhance its capacity to meet global energy demand. For the full press release, visit: https://nnpcgroup.com/insights/press-release-nnpc-secures-presidential-approval-for-20-billion-final-investment-decision-on-bonga-deepwater-project