President Bola Tinubu. Photo: State House
President Bola Tinubu has explained why his administration has continued to introduce policy directives and incentives aimed at unlocking stalled investments in Nigeria’s oil and gas sector, saying the country can no longer afford to leave major energy opportunities undeveloped.
Tinubu said this in a post, explaining his decision to sign the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which is expected to provide a framework capable of unlocking up to $50bn in deep offshore investment.
The latest order, announced by the presidency as part of efforts to attract fresh capital into the upstream sector, is expected to begin with the approximately $10bn Bonga South West project.
Tinubu said the latest intervention was part of a broader effort by his administration to remove the constraints that had held back investment, production and value creation in the oil and gas industry.
