Nigerian President Bola Ahmed Tinubu has approved a new investment framework expected to unlock up to US$50 billion in deep offshore oil and gas investments.

The framework replaces project-by-project negotiations with a transparent system designed to provide investors with clearer rules and greater certainty.

The policy will initially support major developments including the approximately US$10 billion Bonga South West project, which has been among Nigeria’s long-delayed offshore investments.

The reform has been given effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.

The Presidency says the framework follows President Tinubu’s engagement with Shell Chief Executive Officer Wael Sawan on measures needed to revive Nigeria’s offshore investment pipeline.

Under the new arrangement, qualifying projects will benefit from defined eligibility requirements and implementation procedures.

NNPC Limited, acting as the government’s nominated counterparty under Production Sharing Contracts, will also be able to amend eligible contracts to implement the framework.

The government says the policy will also promote greater participation by Nigerian companies in offshore projects.

President Tinubu’s Special Adviser on Oil and Gas, Olu Arowolo-Verheijen, said projects covered by the framework would be expected to maximise activities undertaken in Nigeria where technically and commercially possible.

She said this would support local engineering, fabrication, marine logistics, technical services and project management.

The government expects the framework to create skilled jobs, strengthen local supply chains and improve Nigeria’s position as a regional centre for deep offshore project execution.

President Tinubu said the reform was intended to create a more predictable investment environment and attract long-term capital into Nigeria’s oil and gas sector.