Tinubu signs order to unlock $50bn in deep offshore oil investment

President Bola Tinubu is implementing a new policy aimed at revitalizing Nigeria's deep offshore oil and gas sector by unlocking stalled investments, with the potential to attract up to $50 billion. The administration views this as a critical step to prevent further delays in major energy opportunities.

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For too long, some of our biggest offshore opportunities have remained stalled. We cannot afford to leave that opportunity beneath our waters for another decade. Capital moves, countries compete for it, and investors committing billions of dollars over many years need certainty.

Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes a framework to encourage fresh capital into the upstream sector. The initiative is expected to commence with projects like the approximately $10 billion Bonga South West development. This policy is part of a broader strategy to remove obstacles hindering investment, production, and value creation within the oil and gas industry.

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We are providing that certainty, with a clear window for existing deep offshore leases to reach final investment decision by 31 December 2029 and qualify for the full standard incentive.

"For too long, some of our biggest offshore opportunities have remained stalled. We cannot afford to leave that opportunity beneath our waters for another decade. Capital moves, countries compete for it, and investors committing billions of dollars over many years need certainty," President Tinubu stated. He emphasized that the new framework provides predictable terms for investors, granting existing deep offshore leases until December 31, 2029, to reach a final investment decision and qualify for full incentives.

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This is the 10th major policy directive of my administration targeted specifically at the oil and gas sector. We have been deliberate about removing the constraints holding back investment, production and value creation.

This marks the 10th significant policy directive from Tinubu's administration focused on the oil and gas sector. The president stressed that the goal extends beyond the monetary value of investments, aiming for the generated economic activities, including work for domestic companies, engineers, and workers, to benefit Nigeria directly. The administration is committed to removing constraints that have historically hampered investment and project development in the upstream sector, which has faced years of underinvestment.

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I want the work to come home to Nigeria. I want our engineers involved, our fabrication yards worki