President Bola Tinubu has approved a new investment framework aimed at attracting up to $50 billion in deep offshore oil and gas investments and reviving major projects that have remained stalled in Nigeria.
The Presidency disclosed the development in a statement issued on Tuesday in Abuja by the Presidential Spokesperson, Bayo Onanuga.
The new framework replaces the previous project-by-project negotiation approach with a transparent, rules-based system designed to provide investors with greater certainty and encourage long-term commitments to Nigeria’s offshore petroleum sector.
According to the Presidency, the reform will support a new generation of deep offshore developments, beginning with the approximately $10 billion Bonga South West project.
The initiative followed President Tinubu’s engagement with Shell plc Chief Executive Officer, Wael Sawan, where both sides discussed measures to unlock Nigeria’s deep offshore investment pipeline.
Rather than relying on individual solutions for specific projects, the Federal Government has introduced a comprehensive framework that applies to multiple qualifying developments.
The framework was established through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which provides clear eligibility requirements and implementation procedures for investors.
It also allows NNPC Ltd., the government’s nominated counterparty under Production Sharing Contracts, to make the necessary amendments to existing agreements to implement the new incentives.
President Tinubu commended the Ministries of Justice, Finance and Petroleum Resources, the Nigeria Revenue Service, NNPC Ltd. and other stakeholders for their contributions to the reform.
He also acknowledged the roles played by the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Content Development and Monitoring Board and investing partners in developing the framework.
Tinubu said investment decisions were driven not only by the availability of natural resources but also by the level of certainty provided to investors.
“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.”
He added that the reform was part of his administration’s effort to establish an investment climate built around clear rules, strong institutions and sustainable partnerships.
Special Adviser to the President on Energy, Olu Verheijen, said the framework would also promote greater participation by Nigerian businesses in offshore projects.
She explained that qualifying projects would be required to maximise execution within Nigeria wherever commercially and technically feasible.
According to Verheijen, the objective goes beyond increasing oil production and attracting capital, as the government also seeks to create skilled employment, expand local supply chains and establish Nigeria as a regional hub for deep offshore project execution.
The Federal Government expects the new framework to improve Nigeria’s competitiveness for globally mobile capital while unlocking the country’s deep offshore resources for long-term economic benefits.
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