12/08/2026
Tinubu Signs Deep Offshore Tax Remission Order to Unlock $50 Billion Investment
Global Perspectives
President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, aimed at creating a predictable investment framework capable of unlocking up to $50 billion in deep offshore oil and gas investments.
The President disclosed this in a statement, noting that the policy would begin with the approximately $10 billion Bonga South West project, which has remained stalled alongside other major offshore opportunities.
According to Tinubu, the new order provides existing deep offshore leases with a clear window to reach Final Investment Decision (FID) by December 31, 2029, enabling qualifying projects to access the full standard incentive.
The President described the measure as the tenth major policy directive of his administration specifically targeted at the oil and gas sector, stressing that the government was focused on removing barriers to investment, increasing production and creating greater value from Nigeria's natural resources.
Tinubu, however, said the expected investment should translate into tangible benefits for Nigerians, including employment opportunities, stronger local businesses and increased participation of Nigerian engineers, fabrication yards, marine operators and technical service companies.
He added that projects accessing supplementary incentives would be required to undertake project activities in Nigeria, subject to clearly defined exceptions and Nigerian Content requirements.
The President said the administration's broader ambition was to position Nigeria as Africa's regional hub for deep offshore project ex*****on, with the benefits of the anticipated investments reflected in job creation, increased 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 commitment to putting national interests at the centre of Nigeria's oil and gas development.
