President Tinubu Approves Deep Offshore Framework to Unlock $50 Billion in Investments
ABUJA, NIGERIA — In a major move to revive Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has approved a landmark reform framework designed to unlock up to $50 billion in new deep offshore investments.
The new policy replaces decades of slow, project-by-project negotiations with a transparent, rules-based investment system.
The reform aims to immediately restart large, capital-intensive offshore developments that have been stalled for years.
Unlocking Major Projects Like Bonga South West
The transparent framework provides a structured investment architecture to support Nigeria’s next generation of deep offshore projects.
Its immediate impact will be felt in the $10 billion Bonga South West project. By establishing clear rules, the Federal Government expects to significantly boost Nigeria’s competitiveness for globally mobile investment capital.
The initiative follows recent discussions between President Tinubu and Shell plc CEO Wael Sawan. While initially triggered by specific project bottlenecks, the Federal Government transformed the directive into a comprehensive, multi-category investment framework.
NIGERIA’S DEEP OFFSHORE REFORM
Old System: Project-by-Project
—> Stalled Developments
New 2026 Policy Framework —> Unlocks Up to $50B Investment
—> Restarts $10B Bonga South West
Legal Backing and Implementation
The policy changes take effect under the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.
Key Features of the Order
The order features a number of innovative reforms that are expected to incentivize the system. These are the provisions of a transparent criteria that replaces arbitrary negotiations with clear eligibility rules.
Also, there is the provision of predictable processes, which streamlines implementation timelines for operators. This is expected to guarantee investor certainty.
Olu Arowolo-Verheijen, Special Adviser to the President on Oil and Gas, emphasized that qualifying projects must maximize domestic execution.
“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,” Arowolo-Verheijen stated.
The policy will directly boost domestic sectors, including:
Engineering and fabrication, marine logistics, technical services, local project management, and strategic collaboration
