Tinubu Signs New Deep Offshore Incentive Order, Targets $50bn Investment in Nigeria

President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, as part of efforts to attract up to $50 billion in new investment into Nigeria’s deep offshore oil and gas sector.

Tinubu announced the development in a statement, saying the new framework would provide investors with the certainty and predictable terms required to commit billions of dollars to long-term deep offshore projects in the country.

According to the President, the initiative is expected to begin with the approximately $10 billion Bonga South West project, while existing deep offshore leases will have until December 31, 2029, to reach Final Investment Decision and qualify for the full standard incentive provided under the Order.

Tinubu said Nigeria could no longer afford to leave its deep offshore oil and gas potential undeveloped, stressing that the country must create an environment capable of attracting long-term capital.

“The countries that attract long-term investment are not necessarily those with the greatest natural resources. They are the ones that provide the greatest certainty,” the President said.

He described the new Order as the tenth major policy directive of his administration specifically targeted at the oil and gas sector, saying the measures were designed to address constraints limiting investment, production and value creation.

Tinubu, however, stressed that attracting foreign investment was only part of his objective, noting that Nigerians must benefit directly from the activities generated by the new investment cycle.

“I want the work that comes with these projects to come home to Nigeria,” he said, adding that Nigerian engineers, fabrication yards, marine and technical service companies and young people must be positioned to benefit from the projects.

The President said the Order requires activities under projects accessing its supplementary incentives to be performed in Nigeria, subject to defined exceptions and Nigerian Content requirements.

He further expressed his ambition to transform Nigeria into Africa’s regional hub for deep offshore project execution by developing local skills, businesses and industrial capacity alongside the country’s natural resources.

Tinubu said his engagement with Shell Chief Executive Officer, Wael Sawan, led his administration to seek a broader framework capable of unlocking investment across the sector rather than focusing on a single company or project.

“That framework is now in place,” the President said.

He added that the success of the policy would ultimately be measured by its impact on Nigerians, particularly through the creation of jobs, stronger local businesses, increased oil production, higher revenues for the Federation and new technical capabilities developed within the country.

“Our natural resources must work harder for our people,” Tinubu said, reaffirming his administration’s commitment to implementing the policy with urgency.