President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in a major policy move aimed at unlocking up to $50 billion in new investment in Nigeria’s deep offshore oil and gas sector.
The President said the new framework was designed to provide investors with the certainty and predictability required to commit long-term capital to major offshore projects, beginning with the approximately $10 billion Bonga South West project.
In a statement, Tinubu said Nigeria could no longer afford to leave its vast offshore resources undeveloped, stressing that the country possessed the resources, expertise and human capital needed to drive a new wave of oil and gas development.
Under the new framework, existing deep offshore leases will have until December 31, 2029, to reach Final Investment Decision (FID) and qualify for the full standard incentive provided under the Order.
Tinubu described the policy as the tenth major policy directive of his administration specifically targeting Nigeria’s oil and gas sector, saying the measures were part of a broader strategy to remove barriers to investment, increase production and retain more value from the country’s natural resources.
“Nigeria must be one of those countries” that provide the certainty required to attract long-term investment, the President said.
Beyond attracting foreign capital, Tinubu said his administration was determined to ensure that the economic benefits of new offshore investments translate into jobs, business opportunities and industrial development for Nigerians.
He said the Order places emphasis on activities being carried out within Nigeria, subject to defined exceptions and Nigerian Content requirements.
According to the President, the policy is intended to increase opportunities for Nigerian engineers, fabrication yards, marine operators, technical service companies and young professionals to participate in major offshore projects.
Tinubu said his administration’s ambition was to position Nigeria as Africa’s regional hub for deep offshore project execution, arguing that the country must develop not only its natural resources but also the skills, businesses and industrial capacity required to exploit them.
The President disclosed that during his engagement with Shell Plc Chief Executive Officer, Wael Sawan, he directed his team to develop a framework that would go beyond addressing the needs of a single company or project and instead unlock a broader pipeline of investment.
He said the resulting framework was now in place.
Tinubu maintained that the success of the new policy would ultimately be measured by its impact on Nigerians, including the creation of quality jobs, stronger indigenous businesses, increased oil production, higher government revenues and the development of new technical and industrial capabilities.
He reiterated that Nigeria’s natural resources must deliver greater value to its citizens, stressing that his administration would pursue the implementation of the new policy with urgency.
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