TINUBU APPROVES FRAMEWORK TO UNLOCK $50BN DEEP OFFSHORE INVESTMENT
By: Safiya Abdulrahim Dabban
President Bola Ahmed Tinubu has approved a new investment framework aimed at attracting up to $50 billion in fresh deep offshore oil and gas investments and reviving major projects that have remained stalled for years.
The reform replaces project-by-project negotiations with a transparent, rules-based system that gives investors clearer eligibility requirements and greater certainty. The framework will begin with the $10 billion Bonga South West project and is expected to support other qualifying deep offshore developments.
The Federal Government said the new policy, established through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, will strengthen Nigeria’s competitiveness for international investment and accelerate development in the offshore sector.
The framework also allows NNPC Limited to amend eligible Production Sharing Contracts to facilitate implementation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the reform places strong emphasis on developing Nigerian industrial capacity and increasing local participation in major offshore projects.
President Tinubu commended government agencies, industry partners and other stakeholders for their contributions to developing the new framework, describing the reform as a major step towards unlocking Nigeria’s deep offshore investment potential.