Tinubu Signs 2026 Oil and Gas Investment Incentives Order

On Tuesday, President Bola Ahmed Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which aims to attract up to $50 billion in investment into Nigeria’s deep offshore oil and gas sector. The new framework is designed to provide investors with clearer and more predictable terms for major projects, starting with the approximately $10 billion Bonga South West project.

Existing deep offshore leases must reach Final Investment Decision by December 31, 2029, to qualify for the full standard incentive. Tinubu emphasized the necessity of this measure for Nigeria to compete for long-term capital and not leave offshore resources undeveloped.

He stated that the order is the tenth major policy directive of his administration targeting the oil and gas sector, addressing constraints on investment and production. The policy also aims to ensure that Nigerians benefit directly through jobs and local business opportunities, with projects required to perform activities in Nigeria, subject to Nigerian Content requirements.