President Bola Tinubu has approved a landmark reform aimed at unlocking up to 50 billion dollars in deep offshore investment and reviving stalled offshore projects.
The reform replaces project-by-project negotiations with a transparent, rules-based investment framework designed to attract long-term capital into Nigeria’s offshore oil and gas sector.
This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Tuesday in Abuja.
According to the Presidency, the framework will support a new generation of deep offshore developments, beginning with the approximately 10 billion dollars Bonga South West project.
It is also expected to strengthen Nigeria’s competitiveness in attracting globally mobile investment capital.
