President Bola Ahmed Tinubu has approved a new framework to unlock up to $50 billion in fresh investment for Nigeria’s deep offshore oil and gas sector and revive major projects stalled for years.
The development was disclosed in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Tuesday, August 11, 2026.
The framework replaces project-by-project negotiations with a transparent, rules-based system designed to give investors greater certainty and improve Nigeria’s competitiveness for international capital.
It is expected to support the approximately $10 billion Bonga South West project and other qualifying deep offshore developments.
The policy takes effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which sets eligibility criteria and procedures for accessing the incentives.
It also allows NNPC Limited, the Federal Government’s nominated counterparty under Production Sharing Contracts (PSCs), to amend eligible agreements required to implement the framework.
The reform followed an engagement between Tinubu and Shell plc Chief Executive Officer, Wael Sawan, during which the President directed officials to develop measures to unlock Nigeria’s next wave of deep offshore investment.
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Special Adviser to the President on Oil and Gas, Olu Arowolo-Verheijen, said the framework would strengthen Nigerian participation in offshore project execution.
She said qualifying projects would maximize work carried out in Nigeria where commercially and technically feasible, particularly in engineering, fabrication, marine logistics, technical services and project management.
The initiative is expected to create skilled jobs, deepen local supply chains and strengthen Nigeria’s position as a regional hub for deep offshore project execution.
The framework was developed through an inter-agency process involving the Presidency, fiscal, legal, commercial and regulatory institutions, industry operators and other stakeholders.
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, alongside investing partners and other stakeholders, for their contributions.
The President said the reform would strengthen Nigeria’s investment climate by providing clear rules, strong institutions and greater certainty for long-term capital.
He said the framework would attract investment, expand opportunities for Nigerian businesses and ensure greater long-term value from the country’s natural resources.