President Bola Tinubu announced on Tuesday that he approved the Deep Offshore Oil and Gas Tax Credit Order, 2026—a new fiscal incentive designed to attract large-scale investments into Nigeria’s deep offshore oil and gas sector.
The Nigerian leader hinted that the policy is aimed at making previously stalled offshore projects commercially viable by offering investors tax incentives and greater certainty over the fiscal terms governing their investments.
“I have signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, creating a clear and predictable framework capable of unlocking up to $50 billion in deep offshore investment, beginning with the approximately $10 billion Bonga South West project,” the president wrote.
He explained that for too long, some of Nigeria’s biggest offshore opportunities have remained stalled, and that “We cannot afford to leave that opportunity beneath our waters for another decade.”
The president explained that as capital moves, countries compete for the resources, and investors committing billions of dollars over many years need certainty.
