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Nigerian President Bola Tinubu has approved a new investment framework to unlock up to $50 billion in deep offshore oil and gas investment and to revive major projects that have been stalled for years.
The reform replaces project-by-project negotiations with what the Presidency described as a transparent, rules-based framework designed to provide investors with greater certainty and improve Nigeria’s competitiveness for international capital.
The framework will initially support the approximately $10 billion Bonga South West project, while creating an investment architecture applicable to other qualifying deep offshore developments.
The development was announced in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Tuesday.
According to Onanuga, the reform followed Tinubu’s engagement with Shell CEO Wael Sawan, during which the president directed the development of measures to unlock the country’s next wave of deep offshore investments.
“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 reform takes effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.
The Presidency said the order establishes “transparent eligibility criteria, clear implementation processes and a durable investment architecture” intended to provide greater certainty for investors while protecting Nigeria’s long-term interests.
The approval also allows NNPC Limited, as the government’s nominated counterparty under the Production Sharing Contracts, to begin necessary amendments to eligible contracts to implement the framework.
The government said the reform is also designed to increase the participation of Nigerian companies in deep offshore projects.
Olu Arowolo-Verheijen, the president’s special adviser on oil and gas, said qualifying projects would prioritise execution within Nigeria where commercially and technically feasible.
“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,” she said.
“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.”
The Presidency said the framework was developed through an inter-agency process involving fiscal, legal, commercial and regulatory institutions, as well as operators in the oil and gas industry.
Tinubu commended the Ministry of Justice, Ministry of Finance, Ministry of Petroleum Resources, Nigeria Revenue Service, NNPC Limited, Nigerian Upstream Petroleum Regulatory Commission and Nigerian Content Development and Monitoring Board for their contributions.
The president said countries seeking long-term investment must offer certainty to investors rather than rely solely on their natural resources.
“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.
“This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships.”
STATEHOUSE PRESS RELEASE
PRESIDENT TINUBU APPROVES LANDMARK DEEP OFFSHORE INVESTMENT FRAMEWORK TO UNLOCK UP TO US$50 BILLION IN NEW INVESTMENT
President Bola Ahmed Tinubu, GCFR, has approved a landmark reform that replaces project-by-project negotiations with a transparent… pic.twitter.com/h7wBWgBKlH
— Temitope Ajayi (@TheTope_Ajayi) August 11, 2026
