Tinubu Approves $50bn Offshore Investment Framework

President Bola Tinubu has approved a significant reform to enhance Nigeria's offshore investment landscape, aiming to unlock up to $50 billion in deep offshore investments. This new framework replaces the previous project-by-project negotiation method with a transparent, rules-based system designed to support extensive offshore developments, beginning with the approximately $10 billion Bonga South West project.

The reform, communicated by presidential spokesperson Bayo Onanuga, is part of Tinubu's engagement with Shell Plc CEO Wael Sawan, focusing on measures to revitalize Nigeria's deep offshore investment pipeline. The framework, effective through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, establishes clear eligibility criteria and implementation processes, providing certainty for investors while ensuring long-term national value.

The approval allows NNPC Limited to amend eligible Production Sharing Contracts necessary for the framework's implementation. Tinubu praised the collaboration among various government ministries and industry stakeholders in shaping this initiative, emphasizing the importance of creating a stable investment environment.