Tinubu approves offshore framework to unlock $50bn investment

… Reform targets stalled deepwater projects, begins with $10bn Bonga South West

… President says clear rules, certainty key to attracting long-term capital

President Bola Ahmed Tinubu has approved a new investment framework aimed at unlocking up to $50 billion in deep offshore oil and gas investments and reviving large-scale projects that have remained stalled for decades, thenationonlineng.net reported.

The reform, described by the Presidency as a landmark intervention in Nigeria’s oil and gas sector, replaces project-by-project negotiations with a transparent, rules-based system intended to provide greater certainty for investors and strengthen the country’s competitiveness for global capital.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced the approval in a statement on Tuesday.

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

The initiative followed Tinubu’s engagement with the Chief Executive Officer of Shell Plc, Wael Sawan, during which the President directed officials to develop measures to unlock Nigeria’s deep offshore investment pipeline.

Rather than adopt individual solutions for specific projects, the Federal Government subsequently developed a comprehensive framework covering multiple categories of qualifying offshore developments.

The new regime has been given effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.

The Presidency said the order introduces transparent eligibility criteria, clearly defined implementation processes and a durable investment architecture intended to give investors greater predictability while protecting Nigeria’s long-term economic interests.

The approval also authorises NNPC Limited, the Federal Government’s nominated counterparty under Production Sharing Contracts, to proceed with amendments to eligible contracts necessary for implementing the framework.

A major component of the reform is a requirement to deepen Nigerian participation in offshore projects through domestic engineering, fabrication, marine logistics, technical services and project management.

Special Adviser to the President on Oil and Gas, Olu Arowolo-Verheijen, said the framework was designed to ensure that the expected wave of investments translates into greater industrial capacity, employment and opportunities for Nigerian businesses.

“Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible, strengthening domestic engineering, fabrication, marine logistics, technical services and project management.

“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.

Tinubu commended government agencies, investing partners and industry stakeholders involved in developing the framework, saying their collaboration and technical expertise were instrumental to the initiative.

Among them are the Federal Ministries of Justice, Finance and Petroleum Resources; the Nigeria Revenue Service; NNPC Limited; the Nigerian Upstream Petroleum Regulatory Commission; and the Nigerian Content Development and Monitoring Board.

The President said the reform underscored his administration’s determination to make certainty and predictable rules central to Nigeria’s investment environment.

“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.