Nigerian Nationwide Petroleum Firm Restricted has secured President Bola Ahmed Tinubu’s approval for a $20 billion last investment in the Bonga Southwest Aparo deepwater project.

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The state-owned oil agency spokesperson, John Odey, disclosed this in an announcement on Tuesday.

The project is estimated to draw about $20 billion in international direct investment and place Nigeria for deepwater manufacturing.

The presidential approval comes after months of technical and business negotiations involving NNPC Restricted because the concessionaire, the Nigeria Income Service (NRS), the Particular Adviser to the President on Vitality, Olu Verheijen, and the Shell CEO, Mr. Wael Sawan.

Commenting on the event, the Group Chief Govt Officer of NNPC Restricted, Engr. Bashir Bayo Ojulari, stated the approval is a testomony to President Tinubu’s management in the oil sector.

“This approval is a testomony to the President’s management, NNPC’s disciplined execution, and our capacity to construction advanced, bankable transactions that ship worth for Nigeria. For almost twenty years, the Bonga Southwest project remained stalled. Right this moment, below President Tinubu’s reform-driven management and thru NNPC’s sustained advocacy, we’ve got damaged that logjam. That is what partnership, persistence, and coverage readability can obtain.”

Ojulari additional said, “This milestone additional affirms NNPC’s dedication, below the President’s management, to unlocking Nigeria’s huge vitality potential by way of partnerships, disciplined innovation, and execution excellence.”