- Tinubu Targets $50bn Fresh Investment With New Deep Offshore Oil Reforms
- Replaces Project-by-Project Deals With New Deep Offshore Investment Rules
- Bonga South West, Others Get Boost
President Bola Tinubu has approved a new investment framework for Nigeria’s deep offshore oil and gas sector, with the Federal Government targeting up to $50 billion in fresh investment and the revival of major projects that have remained stalled for years.
Eko Hot Blog reports that the new framework replaces the previous project-by-project arrangement under which oil companies negotiated separate terms with the government before developing deep offshore projects.
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The development is expected to provide investors with clearer rules and greater certainty while paving the way for the implementation of major projects, including Shell’s estimated $10 billion Bonga South West development.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement issued on Tuesday titled, “President Tinubu Approves Landmark Deep Offshore Investment Framework to Unlock up to $50bn in New Investment.”
According to Onanuga, the new framework establishes uniform eligibility criteria and implementation procedures for qualifying projects, eliminating the need for individual negotiations with the Federal Government.
He said the previous system had contributed to delays and uncertainty in deep offshore investment, with some projects remaining undeveloped for years.
The reform is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which provides a broader investment structure intended to attract long-term capital into the sector.
“Rather than pursuing project-specific solutions, the Federal Government transformed that directive into a comprehensive investment framework applicable across multiple categories of qualifying developments,” Onanuga said.
The framework also authorises NNPC Limited, as the government’s nominated counterparty under Production Sharing Contracts, to make the necessary amendments to eligible contracts to facilitate its implementation.
The President’s decision followed his earlier engagement with Shell Plc Chief Executive Officer, Wael Sawan, during which Tinubu directed the development of additional measures to unlock Nigeria’s deep offshore investment pipeline.
Special Adviser to the President on Oil and Gas, Olu Arowolo-Verheijen, said the reform would also place greater emphasis on developing local capacity.
She said qualifying projects would be expected to maximise execution within Nigeria where commercially and technically feasible, with the aim of strengthening domestic engineering, fabrication, marine logistics, technical services and project management.
According to her, the objective goes beyond increasing oil production and attracting capital to also creating skilled employment and strengthening local supply chains.
The framework, she added, is expected to help position Nigeria as a regional hub for deep offshore project execution.
Tinubu commended the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum Resources, Nigeria Revenue Service, NNPC Limited, Nigerian Upstream Petroleum Regulatory Commission and Nigerian Content Development and Monitoring Board, as well as industry partners and other stakeholders involved in developing the framework.
The President said the ability to provide investors with certainty was critical to attracting long-term capital.
“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,” Tinubu said.
He added that the reform was designed to create conditions for increased investment, stronger Nigerian businesses, job creation and greater national value from the country’s natural resources.
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