President Bola Tinubu has approved a landmark deep offshore investment reform aimed at unlocking up to $50 billion in new investment across Nigeria’s offshore oil and gas sector, replacing the long-standing system of project-by-project negotiations with a transparent, rules-based investment framework.
The approval was disclosed in a statement issued on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, who said the reform is designed to restart large-scale offshore developments that have remained stalled for decades.
According to the presidency, the framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, and is intended to provide investors with greater certainty while safeguarding long-term national value.
The new framework replaces the previous model of negotiating incentives on a project-by-project basis, introducing transparent eligibility criteria, clear implementation processes, and a durable investment architecture for qualifying offshore developments.
The presidency said the reform establishes a transparent, rules-based investment framework that will support the next generation of deep offshore projects, beginning with the approximately $10 billion Bonga South West project.
It said the framework is designed to improve Nigeria’s competitiveness in attracting globally mobile investment capital and provide a more predictable environment for long-term offshore investments.
Olu Arowolo-Verheijen, the President’s special adviser on Oil and Gas, said projects that qualify under the framework will prioritise execution within Nigeria wherever commercially and technically feasible, helping to strengthen 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,” he said.
President Tinubu said the reform reflects the administration’s commitment to building an investment environment anchored on 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,” the president said.
