President Bola Tinubu has approved a new incentive framework aimed at attracting up to $50bn in investment into Nigeria’s deep offshore oil and gas sector.

The Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, is expected to support major projects, including the $10bn Bonga South West development.

Tinubu said the policy was introduced to remove barriers that have delayed major offshore investments and provide investors with greater certainty on the fiscal terms for long-term projects.

Under the new framework, existing deep offshore leases will have until December 31, 2029, to reach a final investment decision and qualify for the full standard incentive.

The President said the government could no longer afford to leave major offshore opportunities undeveloped, stressing that Nigeria must compete effectively for global capital.

He also said the incentives were designed to ensure that the expected investment generates wider economic benefits within the country.

Projects that access the supplementary incentives will be required to carry out their activities in Nigeria, subject to specified exceptions and Nigerian content requirements.

According to Tinubu, this will create opportunities for Nigerian engineers, fabrication yards, marine service companies and other local businesses while helping to develop technical skills among young Nigerians.

He said his administration’s latest measure was the 10th major policy directive specifically targeted at the oil and gas industry.

Tinubu added that the success of the policy would be measured by its ability to create jobs, strengthen Nigerian businesses, increase oil production and boost government revenue.

He said the ultimate goal was to ensure that Nigeria’s natural resources generate greater economic value for the country and its citizens.