Tinubu Approves $50bn Framework for Offshore Investment

On Tuesday, President Bola Tinubu approved a new framework for foreign investment in Nigeria’s deep offshore oil and gas fields, which is expected to unlock up to $50 billion in new investments. This framework replaces the previous system where companies negotiated separate agreements with the Federal Government, which had led to slow and unpredictable investment processes.

The new approach provides a common set of eligibility criteria and rules for qualifying companies, facilitating the revival of stalled offshore projects, starting with Shell’s $10 billion Bonga South West project. The reform was announced by Special Adviser to the President on Information and Strategy, Bayo Onanuga, and emphasizes maximizing local industrial capability in project execution.

The framework will be implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, allowing NNPC Limited to amend eligible contracts. The initiative aims to increase investment, production, and create skilled jobs while positioning Nigeria as Africa’s hub for deep offshore project execution.