PRESIDENT TINUBU APPROVES DEEP OFFSHORE INVESTMENT FRAMEWORK TO UNLOCK $50BN.

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By AfreecanImage News Desk

ABUJA, Nigeria — August 11, 2026: President Bola Ahmed Tinubu has approved a new Deep Offshore Investment Framework designed to unlock up to US$50 billion in new investment and revive major capital-intensive offshore oil and gas projects that have remained stalled for years.

According to the statement issued by the Presidency, the reform replaces project-by-project negotiations with a transparent, rules-based investment framework, aimed at providing greater certainty to investors while strengthening Nigeria's competitiveness for international capital.

Bonga South West Project to Lead Investment Push

The framework is expected to support the next generation of deep offshore developments, beginning with the approximately US$10 billion Bonga South West project.

The Presidency said the initiative is intended to restart large offshore developments while creating a more predictable investment environment for oil and gas companies.

The framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes eligibility requirements and implementation processes for qualifying projects.





Government Targets Local Industrial Development

President Tinubu's Special Adviser on Oil and Gas, Olu Arowolo-Verheijen, said a major feature of the reform is its emphasis on increasing Nigerian participation in offshore project execution.

Under the framework, qualifying projects are expected to maximise execution within Nigeria where commercially and technically feasible.

This is intended to strengthen domestic capacity in:

  • Engineering
  • Fabrication
  • Marine logistics
  • Technical services
  • Project management

The government also expects the policy to create skilled employment, deepen local supply chains and strengthen Nigeria's position as a regional hub for deep offshore project execution.

NNPC to Amend Production Sharing Contracts

The approval also enables NNPC Limited, acting as the government's nominated counterparty under Production Sharing Contracts (PSCs), to proceed with the necessary amendments to eligible contracts required to implement the new framework.

The move is expected to provide a more structured basis for developing qualifying offshore projects and attracting long-term investment.

Tinubu: Investment Requires Certainty

President Tinubu said countries that attract long-term investment are not necessarily those with the largest natural resources, but those capable of providing investors with certainty.

He said the reform reflects the Federal Government's effort to establish an investment environment based on clear rules, strong institutions and enduring partnerships.

The President added that the objective is to create conditions that allow capital to flow, Nigerian businesses to expand, citizens to benefit from economic opportunities and the country's natural resources to generate lasting national value.

                           

Government Agencies Involved

The President commended the institutions and stakeholders involved in developing the framework, including the:

  • Federal Ministry of Justice
  • Federal Ministry of Finance
  • Federal Ministry of Petroleum Resources
  • Nigeria Revenue Service
  • NNPC Limited
  • Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
  • Nigerian Content Development and Monitoring Board (NCDMB)
  • Investing partners and other industry stakeholders

According to the Presidency, their technical expertise and collaboration contributed to the development of the new investment framework.

What the New Framework Means for Nigeria

The policy represents a significant attempt to make Nigeria's deep offshore sector more attractive to investors by moving away from individual project negotiations toward a broader and more predictable investment structure.

If successfully implemented, the framework could stimulate billions of dollars in offshore investment, revive delayed projects, expand local oil and gas supply chains and generate employment opportunities in engineering, fabrication, logistics and other specialised sectors.

The government is projecting up to US$50 billion in new investment, with the Bonga South West development identified as an initial major project under the framework.


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