ABUJA, Aug. 12 (Xinhua) -- Nigerian President Bola Tinubu has approved an ambitious reform aimed at unlocking up to 50 billion U.S. dollars in deep offshore investment and reviving stalled projects.
The reform will replace project-by-project negotiations with a transparent, rules-based investment framework to attract long-term capital to the deep offshore oil and gas sector, according to a statement issued by the State House on Tuesday.
The framework will support a new generation of deep offshore developments, beginning with the approximately 10-billion-dollar Bonga South West project, and is expected to strengthen Nigeria's competitiveness in attracting globally mobile investment capital, the statement said.
The Nigerian government has recently engaged with foreign investors to discuss measures to unlock the country's deep offshore investment pipeline, local media reported Wednesday.
Rather than adopting project-specific solutions, the government has developed a comprehensive framework applicable to multiple qualifying developments. Established through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, the framework introduces transparent eligibility criteria and clear implementation procedures. It also provides greater certainty for investors while safeguarding long-term national value.
"This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships," the statement quoted Tinubu as saying. "We are creating the conditions for capital to flow, for Nigerian businesses to grow, for our people to prosper and for our natural resources to deliver lasting national value." ■