President Bola Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in a move the Presidency says could unlock up to $50 billion in deep offshore investments in Nigeria.
Tinubu disclosed this in a statement addressed to Nigerians, saying the new order was designed to provide a clear and predictable investment framework for existing deep offshore leases.
According to the President, the policy is expected to support major projects, beginning with the approximately $10 billion Bonga South West project, which has remained stalled for years.
He said the order provides a defined window for existing deep offshore leases to reach Final Investment Decision (FID) by December 31, 2029, allowing qualifying projects to access the full standard incentive.
“For too long, some of our biggest offshore opportunities have remained stalled. We cannot afford to leave that opportunity beneath our waters for another decade,” Tinubu said.
The President described the measure as the 10th major policy directive of his administration specifically targeted at the oil and gas sector, adding that the government had been deliberate in removing barriers to investment, production and value creation.
Tinubu, however, stressed that attracting billions of dollars in investment would not be the only measure of the policy’s success.
He said the government wanted a significant portion of project activities to take place in Nigeria, with local engineers, fabrication yards, marine companies and technical service providers benefiting from the expected investment.
“For projects accessing the supplementary incentives, the Order requires project activities to be performed in Nigeria, subject to clearly defined exceptions and Nigerian Content requirements,” he said.
The President said the policy was also aimed at positioning Nigeria as Africa’s regional hub for deep offshore project execution, while creating opportunities for young Nigerians to acquire world-class technical skills.
Tinubu said the ultimate test of the expected $50 billion investment would be its impact on Nigerians through job creation, stronger local businesses, increased oil production, higher government revenue and the development of domestic technical capabilities.
“For me, the real measure of $50 billion will be what Nigerians see from it: good jobs, stronger Nigerian businesses, greater production, more revenue for the Federation and capabilities built here at home,” the President said.
He added: “Our natural resources must work harder for our people. Nigeria First.”
The announcement comes as the Federal Government continues efforts to attract fresh capital into Nigeria’s oil and gas industry and increase production from the country’s deep offshore assets.
