File photo of President Bola Tinubu.
President Bola Tinubu on Tuesday approved a new set of reforms governing how foreign companies invest in Nigeria’s deep offshore oil and gas fields, replacing the old system where each company must negotiate its own separate deal with the Federal Government.
The new framework is expected to attract up to $50bn in fresh investment and revive major offshore projects stuck for years, starting with Shell’s roughly $10bn Bonga South West project.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a statement he signed Tuesday titled ‘President Tinubu Approves Landmark Deep Offshore Investment Framework to Unlock up to $50bn in New Investment.’
Onanuga said the reform gives every qualifying company the same clear set of eligibility criteria and rules to follow, instead of each investor having to negotiate its own separate terms with the government, a process that had made deep offshore investment slow, unpredictable and, in many cases, stalled for decades.
