President Bola Tinubu has approved a new investment framework designed to unlock up to $50 billion in deep offshore oil and gas investments and revive major projects that have remained stalled for decades.
The framework replaces project-by-project negotiations with transparent eligibility criteria and a rules-based investment architecture intended to provide greater certainty for investors and improve Nigeria’s competitiveness in attracting global capital.
According to a statement issued on Tuesday by Bayo Onanuga, the president’s Special Adviser on Information and Strategy, the reform is expected to support the next generation of deep offshore developments, beginning with the approximately $10 billion Bonga Southwest project.
The statement said the decision followed Mr Tinubu’s engagement with Wael Sawan, the chief executive officer of Shell, during which the president directed the development of measures to unlock the next wave of investments in Nigeria’s deep offshore sector.
Rather than pursuing individual solutions for specific projects, the government subsequently developed a broader investment framework applicable to multiple categories of qualifying deep offshore developments.
