President Bola Ahmed Tinubu has approved a new 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.
Gatekeepers News reports that the reform replaces the previous system of project-by-project negotiations with a transparent, rules-based investment framework designed to provide greater certainty for investors and improve Nigeria’s competitiveness in attracting long-term capital.
The framework takes effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which provides clear eligibility criteria and implementation processes for qualifying projects.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the reform is expected to restart large-scale offshore developments that have been delayed for decades.
The Presidency said the initiative is expected to strengthen Nigeria’s position as a competitive destination for deep offshore investment, while supporting job creation, local supply chains and the development of the country’s oil and gas industry.
The move follows discussions between the Federal Government and major industry players on measures required to unlock Nigeria’s offshore investment pipeline.
The new framework is also expected to provide a more predictable fiscal and regulatory environment for investors, addressing some of the uncertainties that have contributed to delays in major deep-water projects.
The government said the reform would help accelerate the development of Nigeria’s deep offshore resources and attract fresh capital into the petroleum sector.
