Tinubu Signs 2026 Order to Unlock $50bn Deep Offshore Oil Investment

President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, as part of efforts to attract a new wave of investment into Nigeria’s deep offshore oil and gas sector.

The Federal Government said the framework has the potential to unlock up to $50 billion in investment, beginning with the approximately $10 billion Bonga South West project.

Under the new framework, existing deep offshore leases will have until December 31, 2029 to reach Final Investment Decision and qualify for the full standard incentive provided under the Order.

Tinubu said the policy was designed to provide investors with the certainty and predictable terms needed to commit capital to large-scale offshore projects.

The President also stressed that attracting investment must translate into greater opportunities for Nigerians.

He said the government wants Nigerian engineers, fabrication yards, marine operators and technical service companies to play a greater role in the projects, while young Nigerians acquire skills that remain valuable beyond the lifespan of individual developments.

For projects accessing the supplementary incentives, activities are expected to be carried out in Nigeria, subject to defined exceptions and Nigerian Content requirements.

Tinubu said the broader objective is to position Nigeria as Africa’s regional hub for deep offshore project execution, with greater domestic capacity to design, build and support major oil and gas developments.

The President described the Order as the 10th major policy directive of his administration specifically targeting constraints in the oil and gas sector.

He said its success would ultimately be measured by the jobs created, stronger Nigerian businesses, increased oil production, higher government revenues and new industrial capabilities developed locally.

“Our natural resources must work harder for our people,” Tinubu said.