Tinubu's $50bn Offshore Oil Reform to Boost Investment

President Bola Tinubu has approved a new investment framework designed to attract up to $50 billion into Nigeria’s deep offshore oil and gas industry, as reported by NewsOnline Nigeria. This reform, announced by presidential spokesperson Bayo Onanuga in Abuja on Tuesday, replaces the previous project-by-project negotiation approach with standardized eligibility requirements and a rules-based incentive structure.

The $50 billion figure represents the potential investment the framework could unlock. The reform is expected to support capital-intensive offshore developments, starting with Shell’s proposed Bonga South West project, which is estimated to require about $10 billion.

The framework aims to improve Nigeria's competitiveness for international capital by providing greater fiscal and regulatory certainty. The reform is implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes transparent criteria for investment-linked incentives.

Tinubu emphasized that countries attracting long-term capital offer certainty to investors, and he commended various federal ministries for their contributions to the framework.