President Bola Tinubu has approved an investment framework designed to unlock up to $50 billion deep offshore investment and restart Nigeria’s large, capital-intensive offshore developments.
The approval was a landmark reform replacing project-by-project negotiations that have remained stalled for decades with a transparent framework.
This was contained in a State House Press Release by the Special Adviser to the President (Information and Strategy), dated 11 August, 2026.
The $50 Billion Deep Offshore Investment Framework
It was noted that the reform established a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments.
It was added that the reform will begin with an approximately $10 billion Bonga South-West Project, while strengthening Nigeria’s competitiveness for globally mobile investment capital.
The decision, it was stated, was a build-up on the engagement of the president with the Chief Executive Officer of Shell plc, Mr Wael Sawan.
It was further disclosed that during the engagement, Tinubu directed the development of the next wave of measures required to unlock Nigeria’s deep offshore investment pipeline.
“Rather than pursuing project-specific solutions, the Federal Government transformed that directive into a comprehensive investment framework applicable across multiple categories of qualifying developments.
“Given effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, the framework replaces project-by-project negotiations with transparent eligibility criteria, clear implementation processes and a durable investment architecture that provides greater certainty for investors while safeguarding long-term national value,” it was added.
The presidential approval, it was stated, also enabled NNPC Limited, as the government’s nominated counterparty under the Production Sharing Contracts, to proceed with the necessary amendments to eligible Production Sharing Contracts required to implement the framework.
“A defining feature of the reform is its emphasis on Nigerian industrial capability,” said Olu Arowolo-Verheijen, Special Adviser (Oil and Gas) to the President.
“Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible, strengthening domestic 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,” she said.
Acting on the president’s directive, a framework that will deliver a durable investment architecture for Nigeria’s deep offshore sector has been developed following an extensive inter-agency process.
As disclosed, the process was in close collaboration with the presidency, fiscal, legal, commercial and regulatory institutions, alongside operators in the industry,
President Tinubu commended the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum Resources, Nigeria Revenue Service (NRS), NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Content Development and Monitoring Board, investing partners and other industry stakeholders.
He stated that the collaboration, technical expertise and commitment of the above-mentioned stakeholders helped shaped the framework.
What President Tinubu said:
“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.
“This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring 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.”
