President Bola Tinubu has approved a new reform aimed at unlocking up to $50 billion in deep offshore investment.
The move is designed to revive major oil and gas projects that have remained stalled for years.
The reform replaces individual project negotiations with a clearer investment framework for qualifying offshore developments.
Presidential spokesman Bayo Onanuga announced the decision in a statement on Tuesday.
He said the framework could improve Nigeria’s ability to attract major global investment into its deep offshore sector.
“The reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments, beginning with the approximately US$10 billion Bonga South West project, while strengthening Nigeria’s competitiveness for globally mobile investment capital.”
The $50 billion offshore investment plan followed Tinubu’s earlier engagement with Shell CEO Wael Sawan.
Onanuga said the president had directed officials to develop measures that could unlock Nigeria’s offshore investment pipeline.
The government has now introduced the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.
The new framework sets eligibility rules and processes instead of relying on separate negotiations for each project.
It also allows NNPC Limited to amend eligible Production Sharing Contracts to support implementation.
Special Adviser on Oil and Gas Olu Verheijen said the reform would also boost local participation.
“Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible, strengthening domestic engineering, fabrication, marine logistics, technical services and project management,” she said.
She added that the plan could create skilled jobs and strengthen local supply chains.
Tinubu said investment certainty remained crucial for countries seeking long-term capital.
“This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships,” he said.
The president said the government wants Nigeria’s natural resources to generate lasting value for its people.
