President Bola Tinubu has approved a major reform of Nigeria’s deep offshore oil and gas sector aimed at attracting up to $50 billion in new investments.

The development was disclosed on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

According to the Presidency, the new framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which seeks to give investors greater certainty while protecting Nigeria’s long-term interests.

The framework replaces the previous system of negotiating incentives for individual projects with transparent eligibility requirements, clearly defined implementation procedures and a stable investment structure for qualifying offshore developments.

The Presidency said the reform establishes a transparent, rules-based investment framework to support the next generation of deep offshore projects, starting with the approximately $10 billion Bonga South West development.

It said the framework would strengthen Nigeria’s competitiveness in attracting globally mobile investment capital while creating a more predictable environment for long-term offshore investments.

The President’s Special Adviser on Oil and Gas, Olu Arowolo-Verheijen, said qualifying projects would prioritise execution in Nigeria where commercially and technically feasible. She said this would help expand domestic capacity in engineering, fabrication, marine logistics, technical services and project management.

“The objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution,” he said.

President Tinubu said the reform demonstrates the administration’s commitment to creating an investment environment built on clear rules, strong institutions and sustainable partnerships.