ABUJA — President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a new policy aimed at unlocking up to $50 billion in deep offshore oil and gas investments and accelerating stalled projects in Nigeria’s petroleum sector.
The President, in a statement addressed to Nigerians, said the policy would provide a clear and predictable investment framework for existing deep offshore leases, with the approximately $10 billion Bonga South West project expected to be among the major beneficiaries.
According to Tinubu, the new framework gives existing deep offshore leases until December 31, 2029, to reach Final Investment Decision (FID) and qualify for the full standard incentive. He said the move was necessary to attract long-term capital at a time when countries are competing aggressively for major oil and gas investments.
The President described the order as the 10th major policy directive of his administration specifically targeted at reforming and repositioning Nigeria’s oil and gas sector. He said the administration had remained focused on removing barriers to investment, increasing production and expanding value creation within the industry.
Beyond attracting foreign capital, Tinubu said the government wants the anticipated investments to translate into tangible benefits for Nigerians. He stressed that Nigerian engineers, fabrication yards, marine and technical service companies and young professionals must play a central role in the execution of the projects.
He added that projects seeking supplementary incentives under the new framework would be required to undertake their activities in Nigeria, subject to clearly defined exceptions and compliance with Nigerian Content requirements.
Tinubu said the administration’s broader ambition was to position Nigeria as Africa’s regional hub for deep offshore project execution, with increased local participation, technology transfer and skills development.
He noted that the success of the policy would not be measured solely by the projected $50 billion investment, but by the jobs created, stronger Nigerian businesses, increased oil production, higher government revenue and the development of technical capabilities within the country.
“Our natural resources must work harder for our people,” the President said, reaffirming his administration’s commitment to ensuring that Nigeria derives greater economic and local benefits from its vast petroleum resources.
The policy comes as the Federal Government continues efforts to attract fresh investment into the oil and gas industry, increase production and strengthen Nigeria’s position as a major energy investment destination in Africa.