Tinubu Approves Deep Offshore Framework Targeting $50bn Investment
President Bola Tinubu has approved a new deep offshore investment framework aimed at unlocking up to $50 billion for stalled offshore oil and gas projects. The Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 replaces project-by-project negotiations with common eligibility rules and implementation processes. The government says the framework will provide greater certainty for investors while protecting Nigeria’s long-term value. The framework is expected to support projects beginning with the estimated $10 billion Bonga South West development. It also allows NNPC Limited to amend eligible production-sharing contracts needed for implementation. The Presidency says qualifying projects should maximise Nigerian participation where commercially and technically feasible, creating skilled jobs and strengthening local engineering, fabrication, marine logistics and technical services.
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