President Bola Ahmed Tinubu has approved a new investment framework aimed at unlocking up to $50 billion in deep offshore oil and gas investment and reviving major projects that have remained stalled for years.

The reform, implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, replaces project-by-project negotiations with transparent eligibility criteria and clearer investment rules.

The framework is expected to support the development of projects including the approximately $10 billion Bonga South West project, while improving Nigeria’s competitiveness for international capital.

It also authorises NNPC Limited to amend eligible Production Sharing Contracts to implement the new incentives.

The President’s Special Adviser on Oil and Gas, Olu Arowolo-Verheijen, said the framework would promote greater local participation by strengthening Nigerian engineering, fabrication, marine logistics, technical services and project management.

She said the reform is expected to create skilled jobs, deepen local supply chains and position Nigeria as a regional hub for deep offshore project execution.

Tinubu said the policy was designed to provide investors with greater certainty while ensuring that Nigeria derives lasting value from its 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,” the President said.

He commended the ministries, government agencies, NNPC Limited, industry partners and other stakeholders involved in developing the framework.