President Bola Tinubu has approved a landmark reform replacing project-by-project negotiations with a transparent investment framework designed to unlock up to US$50 billion in deep offshore investment.
The policy establishes a rules-based framework for deep offshore developments, starting with the US$10 billion Bonga South West project. Special Adviser to the President on Information and Strategy Bayo Onanuga stated that the measure enhances Nigeria’s global investment competitiveness.
The initiative stems from discussions between President Tinubu and Shell plc Chief Executive Officer Wael Sawan. Rather than applying project-specific solutions, the federal government structured a comprehensive investment framework covering multiple qualifying developments.
Implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, the architecture removes protracted negotiations. It introduces clear eligibility criteria and implementation processes to provide investor certainty while protecting long-term national value.
Special Adviser to the President on Oil and Gas Olu Arowolo-Verheijen highlighted that qualifying projects will maximise execution within Nigeria. This approach aims to strengthen domestic engineering, fabrication, marine logistics, and technical services.
