President Bola Tinubu has approved a landmark investment framework aimed at unlocking up to 50 billion dollars in new deep offshore investment and reviving major offshore developments that have remained stalled for decades.
A statement by the special adviser to the president, information and strategy, Bayo Onanuga, says the reform replaces project-by-project negotiations with a transparent, rules-based framework designed to provide greater certainty for investors and strengthen Nigeria’s competitiveness in attracting global investment capital.
The framework will support the next generation of deep offshore developments, beginning with the approximately 10-billion-dollar Bonga South West project.
It is given effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes clear eligibility criteria, implementation processes and a durable investment architecture, while safeguarding long-term national value.
The approval also enables NNPC Limited, as the government’s nominated counterparty under the Production Sharing Contracts, to proceed with the necessary amendments to eligible contracts required to implement the framework.
President’s special adviser on oil and gas, Olu Arowolo-Verheijen, said a key feature of the reform is its emphasis on strengthening Nigerian industrial capability.
She said qualifying projects will maximise execution within Nigeria, where commercially and technically feasible, particularly in engineering, fabrication, marine logistics, technical services and project management.
According to her, the objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution.
President Tinubu also commended the federal ministries of justice, finance and petroleum
