Shell sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell’s director of gas and upstream operations.

Nigerian President Bola Tinubu held talks with Shell’s Zoe Yujnovich in a move to attract capital to Africa’s top energy producer, presidential spokesperson Ajuri Ngelale said in a statement.

Yujnovich was cited as saying Shell has “an imminent $5 billion investment opportunity” in the offshore Bonga North oil project.

“I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” Yujnovich said.

A Shell spokesperson confirmed talks with the Nigerian president but declined to give further details because the discussions were private.

Source: CNBC