RismadarVoice Reporters
August 11, 2026
President Bola Ahmed Tinubu has approved a new investment framework aimed at unlocking up to $50 billion in fresh investment in Nigeria’s deep offshore oil and gas sector.
The reform, announced on Tuesday, is designed to replace project-by-project negotiations with a transparent, rules-based framework capable of restarting major offshore developments that have remained stalled for years.
According to the Presidency, the framework will begin with the approximately $10 billion Bonga South West project and provide greater certainty for investors seeking to commit capital to Nigeria’s deep offshore sector.
The reform is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes clear eligibility criteria and implementation processes for qualifying projects.
The framework also authorises NNPC Limited, as the Federal Government’s nominated counterparty under the Production Sharing Contracts, to proceed with necessary amendments to eligible contracts.
Special Adviser to the President on Oil and Gas, Olu Verheijen, said the initiative would prioritise the use of Nigerian capabilities in project execution where commercially and technically feasible.
She said the policy was expected to boost domestic engineering, fabrication, marine logistics and technical services, while creating skilled employment opportunities and strengthening local supply chains.
President Tinubu said the reform was aimed at creating certainty for long-term investors and ensuring that Nigeria’s natural resources deliver greater value to the country.
“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 relevant government agencies and industry stakeholders for their collaboration in developing the framework, describing the reform as part of efforts to create an investment environment defined by clear rules, strong institutions and enduring partnerships.
