Tinubu Unveils $50bn Offshore Investment Plan to Revive Nigeria’s Stalled Oil Projects By Okwo Romeon

President Bola Ahmed Tinubu has approved a new investment framework aimed at attracting up to $50 billion in deep offshore oil and gas investments and reviving major projects that have remained stalled for years.

President Bola Ahmed Tinubu 
Nigeria leader

The reform, which marks a shift away from project-by-project negotiations, introduces a transparent and rules-based system intended to provide greater certainty for investors and improve Nigeria’s competitiveness in the global oil and gas market.

One of the first major projects expected to benefit is the approximately $10 billion Bonga South West development, a long-delayed deep offshore project.

The framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes eligibility requirements and implementation procedures for qualifying developments.

Under the new arrangement, NNPC Limited, acting as the government’s nominated counterparty under Production Sharing Contracts, will be able to make the necessary amendments to eligible contracts to facilitate implementation.

The reform followed President Tinubu’s engagement with Shell plc chief executive officer, Wael Sawan, during which the president directed officials to develop measures capable of unlocking the next phase of investment in Nigeria’s deep offshore sector.

Rather than providing incentives for individual projects, the government said it opted for a broader framework that could apply to multiple qualifying developments.

The presidential special adviser on oil and gas, Olu Arowolo-Verheijen, said the policy was also designed to strengthen Nigeria’s domestic industrial capacity.

She said qualifying projects would be expected to maximise execution within Nigeria wherever commercially and technically feasible, particularly in areas such as engineering, fabrication, marine logistics, technical services and project management.

“The objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution,” Arowolo-Verheijen said.

The framework was developed through an inter-agency process involving the presidency, fiscal, legal, commercial and regulatory institutions, as well as international and domestic oil industry operators.

President Tinubu commended the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum Resources, Nigeria Revenue Service, NNPC Limited, Nigerian Upstream Petroleum Regulatory Commission and Nigerian Content Development and Monitoring Board for their roles in developing the policy.

He also acknowledged the contribution of investing partners and other industry stakeholders.

Tinubu said the ability to provide certainty was increasingly important in attracting long-term investment, arguing that countries with abundant natural resources would not necessarily attract capital without predictable rules and strong institutions.

“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 added that the reform was intended to create an investment environment based on clear rules, institutional strength and long-term partnerships.

“We are creating the conditions for capital to flow, for Nigerian businesses to grow, for our people to prosper and for our natural resources to deliver lasting national value,” Tinubu said.

The Federal Government expects the framework to strengthen investment in deep offshore production while expanding opportunities for Nigerian companies, creating skilled employment and increasing domestic participation across the oil and gas value chain.

The reform comes as Nigeria seeks to attract fresh capital into its upstream petroleum sector and increase oil and gas production after years of delays to several large offshore developments.

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