President Bola Tinubu has approved a new deep offshore investment framework aimed at unlocking up to $50 billion in capital and restarting stalled offshore oil and gas developments across Nigeria.
The reform, given legal effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026, replaces individual project negotiations with a standardized, rules-based structure.
Government officials state the framework will immediately support the development of the $10 billion Bonga South West project.
The initiative follows discussions between President Tinubu and Shell CEO Wael Sawan on expanding Nigeria’s offshore investment pipeline. Under the new policy, NNPC Limited is authorized to amend eligible Production Sharing Contracts to align with the new terms.
Special Adviser on Energy Olu Verheijen noted that the framework requires qualifying projects to maximize local content execution—including fabrication, engineering, and marine logistics—to enhance domestic industrial capacity and create skilled jobs.
Commenting on the approval, President Tinubu stated that the measure reflects his administration’s focus on institutional certainty to attract long-term global capital and expand national energy output.
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