Tinubu gives nod to $50bn deep offshore investment reform

President Bola Tinubu has approved a new investment framework designed to attract up to $50 billion in deep offshore oil and gas investments and revive major projects that have remained stalled.

The reform replaces the previous project-by-project negotiation system with a transparent, rules-based framework aimed at giving investors greater certainty and encouraging long-term investment in Nigeria’s offshore petroleum sector.

The development was disclosed in a statement issued on Tuesday in Abuja by the Presidential Spokesperson, Bayo Onanuga.

The Presidency said the new framework is expected to strengthen Nigeria’s competitiveness in attracting global capital while supporting the development of the country’s deep offshore oil and gas resources.

According to the Presidency, the framework will support a new generation of deep offshore developments, beginning with the approximately 10 billion dollars Bonga South West project.

It is also expected to strengthen Nigeria’s competitiveness in attracting globally mobile investment capital.

The decision follows Tinubu’s engagement with Shell plc Chief Executive Officer, Mr Wael Sawan, during which measures to unlock Nigeria’s deep offshore investment pipeline were discussed.

Rather than adopting project-specific solutions, the Federal Government developed a comprehensive framework applicable to multiple qualifying developments.

The framework, established through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, introduces transparent eligibility criteria and clear implementation processes.

It also provides greater certainty for investors while safeguarding long-term national value.

The approval enables NNPC Ltd. , as the government’s nominated counterparty under Production Sharing Contracts, to proceed with amendments required to implement the framework.

Tinubu commended the Federal Ministries of Justice, Finance and Petroleum Resources, as well as the Nigeria Revenue Service, NNPC Ltd. and other stakeholders for their contributions.

He also praised the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Content Development and Monitoring Board, and investing partners for helping to shape the framework.

“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.

Mrs Olu Verheijen, Special Adviser to the President on Energy, said the reform places strong emphasis on strengthening 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.

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