Tinubu Targets $50bn Deep Offshore Investment With New Tax Incentives

Tinubu Targets $50bn Deep Offshore Investment With New Tax Incentives
Unveils Incentives For $10bn Oil Project
Gives Deep Offshore Projects 2029 Deadline For Investment Decisions

President Bola Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, as part of efforts by his administration to unlock up to $50 billion in deep offshore investments and revive stalled projects in Nigeria’s oil and gas sector.

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Eko Hot Blog reports that Tinubu said Nigeria could no longer afford to leave major energy opportunities undeveloped, stressing that investors committing billions of dollars to long-term projects require predictable policies before making final investment decisions.

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According to the President, the new order provides existing deep offshore leases with a window until December 31, 2029, to reach a final investment decision and qualify for the full standard incentive.

He said the policy was designed to remove constraints that had slowed investment, production and value creation in the oil and gas industry.

The approximately $10 billion Bonga South West project is expected to be among the first major projects to benefit from the new framework.

“Capital moves, countries compete for it, and investors committing billions of dollars over many years need certainty,” Tinubu said.

The President described the order as the 10th major policy directive of his administration specifically targeted at the oil and gas sector.

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He said the government’s objective was not only to attract foreign capital but also to ensure that the resulting economic activities create opportunities for Nigerians.

Tinubu said he wanted more project activities to take place within Nigeria, including engineering, fabrication, marine services and technical operations.

“I want the work to come home to Nigeria. I want our engineers involved, our fabrication yards working, Nigerian marine and technical service companies securing contracts, and our young people acquiring world-class skills,” he said.

According to him, projects seeking supplementary incentives under the order will be required to undertake their activities in Nigeria, subject to clearly defined exceptions and Nigerian content requirements.

The President said the policy would help strengthen local participation while creating jobs, developing technical expertise and expanding opportunities across Nigeria’s oil and gas value chain.