President Bola Tinubu has approved a major reform aimed at unlocking up to $50 billion in deep offshore investment and reviving stalled projects.
The reform replaces project-by-project talks with a clear, rules-based framework designed to attract long-term investment into Nigeria’s offshore oil and gas sector.
Presidential Spokesperson Bayo Onanuga disclosed this in a statement issued Tuesday in Abuja.
According to the Presidency, the framework will support a new wave of deep offshore projects, starting with the roughly $10 billion Bonga South West project. It is also expected to boost Nigeria’s ability to attract global investment capital.
The move followed Tinubu’s meeting with Shell plc CEO Wael Sawan, where they discussed ways to unlock Nigeria’s deep offshore investment pipeline.
Instead of project-specific solutions, the government created a wider framework for multiple qualifying projects. Established through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, it sets clear eligibility rules and implementation processes.
The framework gives investors more certainty while protecting Nigeria’s long-term interests.
The approval allows NNPC Ltd., the government’s nominated counterparty under Production Sharing Contracts, to make the amendments needed to implement the framework.
Tinubu praised the Ministries of Justice, Finance and Petroleum Resources, the Nigeria Revenue Service, NNPC Ltd. and other stakeholders for their input.
“The countries that attract long-term investment are not necessarily those with the greatest natural resources.
“They are the ones that provide the greatest certainty.
“This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships.
“We are creating the conditions for capital to flow, for Nigerian businesses to grow, for our people to prosper and for our natural resources to deliver lasting national value,” Tinubu said.
Special Adviser on Energy, Olu Verheijen, said the reform also focuses on building Nigerian industrial capacity.
“Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible.
“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,” she said.
