President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a new policy aimed at attracting up to $50 billion in deep offshore oil and gas investments into Nigeria.
Tinubu disclosed this in a statement shared on his official Facebook page, saying the new order would create a clear and predictable framework for investors, beginning with the approximately $10 billion Bonga South West project.
According to the President, several major offshore investment opportunities in Nigeria have remained stalled for years, making it necessary for the government to provide greater certainty to investors committing billions of dollars to long-term projects.
The new policy provides a window for existing deep offshore leases to reach Final Investment Decision (FID) by December 31, 2029, allowing qualifying projects to access the full standard incentive.
Tinubu described the measure as the 10th major policy directive of his administration specifically targeted at the oil and gas sector, saying the government had been deliberate in addressing constraints affecting investment, production and value creation.
However, the President said the focus of the policy extends beyond attracting foreign capital, stressing that the government wants the benefits of deep offshore investments to be felt across the Nigerian economy.
“I want the work to come home to Nigeria,” Tinubu said, highlighting the need for Nigerian engineers, fabrication yards, marine companies and technical service providers to participate in the projects.
He added that young Nigerians should also benefit through access to world-class skills and training opportunities.
Under the order, projects seeking supplementary incentives will be required to carry out project activities in Nigeria, subject to defined exceptions and Nigerian Content requirements.
Tinubu said the administration’s broader ambition is to position Nigeria as Africa’s regional hub for deep offshore project execution.
The President said the success of the policy would ultimately be measured not merely by the amount of investment attracted, but by the jobs created, the growth of Nigerian businesses, increased oil production, higher government revenue and the development of local technical capabilities.
“Our natural resources must work harder for our people,” Tinubu said, reaffirming his administration’s “Nigeria First” approach to the country’s oil and gas resources.
Tinubu Signs New Deep Offshore Tax Incentive Order, Targets $50bn Investment
