President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a new policy initiative designed to unlock up to $50 billion in deep offshore oil and gas investments, beginning with the approximately $10 billion Bonga South West project.
The President, in a statement he personally authored on Tuesday August 11, 2026,
said the Order provides a clear and predictable framework to revive major offshore projects that had remained stalled for years and attract long-term capital into Nigeria’s oil and gas sector.
According to him, existing deep offshore leases would have until December 31, 2029, to reach Final Investment Decision and qualify for the full standard incentive under the new framework.
Tinubu said the policy was necessary because “capital moves, countries compete for it,” stressing that investors committing billions of dollars over several years require certainty and a stable investment environment.
He described the measure as the tenth major policy directive of his administration targeted specifically at the oil and gas sector, noting that the Federal Government had been deliberate in removing obstacles to investment, production and value creation.
The President, however, said the expected $50 billion investment should not be measured solely by the amount of capital attracted into the country, but by the tangible benefits it would generate for Nigerians.
He said the government expects Nigerian engineers, fabrication yards, marine and technical service companies and other local businesses to play significant roles in the execution of the projects, while young Nigerians acquire world-class technical skills.
Tinubu explained that projects accessing the supplementary incentives would be required to carry out their activities in Nigeria, subject to clearly defined exceptions and Nigerian Content requirements.
He said the ultimate objective was to position Nigeria as Africa’s regional hub for deep offshore project execution, with the sector serving as a major driver of local industrialisation and employment.
“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 that Nigeria’s natural resources must generate greater value for the people, reaffirming his administration’s commitment to policies that prioritise domestic participation, investment and economic development.
