Tinubu Launches $50bn Offshore Investment Framework

President Bola Ahmed Tinubu has approved a significant reform to enhance offshore investments in Nigeria, replacing project-by-project negotiations with a transparent investment framework designed to unlock up to $50 billion in deep offshore investments. Bayo Onanuga, Special Adviser to the President on Information & Strategy, announced this on Wednesday.

The initiative aims to strengthen Nigeria's competitiveness for global investment capital, starting with the $10 billion Bonga South West project. The reform includes the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes clear eligibility criteria and implementation processes for investors.

NNPC Limited will amend eligible Production Sharing Contracts to implement this framework. Olu Arowolo-Verheijen, the President’s special adviser on oil and gas, expressed optimism that the reform would enhance Nigerian industrial capabilities, create skilled jobs, and position Nigeria as Africa's hub for deep offshore project execution.