ABUJA, NIGERIA — August 12, 2026 — President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a 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.
President Tinubu said the new framework would provide investors with greater certainty and create a clear pathway for stalled offshore projects to reach Final Investment Decision (FID).
Under the Order, existing deep offshore leases will have until December 31, 2029, to reach FID and qualify for the full standard incentive.
According to the President, the policy represents the tenth major policy directive of his administration specifically targeted at transforming Nigeria’s oil and gas sector by removing barriers to investment, production and value creation.
Tinubu stressed that the impact of the expected investment must extend beyond offshore operations, with Nigerian engineers, fabrication yards, marine and technical service companies, and young professionals benefiting from the opportunities.
For projects accessing supplementary incentives, the Order requires project activities to be undertaken in Nigeria, subject to defined exceptions and applicable Nigerian Content requirements.
The President said the ultimate objective is to position Nigeria as Africa’s regional hub for deep offshore project execution, while ensuring that the country derives maximum value from its natural resources.
He added that the true measure of the projected $50 billion investment would be reflected in job creation, stronger Nigerian businesses, increased oil production, higher government revenue and the development of local technical capabilities.
“Our natural resources must work harder for our people,” President Tinubu said, reaffirming his administration’s commitment to putting Nigeria First.
President Bola Ahmed Tinubu, GCFRFederal Republic of Nigeria
