President Bola Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026. The directive aims to unlock up to $50 billion in new investment. It begins with the $10 billion Bonga South West project. Tinubu announced the signing in a detailed public statement. He said Nigeria can no longer afford to leave offshore resources untapped.
Nigeria possesses some of the world's most promising deep offshore oil and gas reserves. Several major developments have stalled for years. Investors have demanded certainty before committing billions over long timelines. The new Order provides clear and predictable fiscal terms. Existing deep offshore leaseholders must reach Final Investment Decision by December 31, 2029. They will then receive the full standard incentive under the Order. Tinubu stressed that capital moves fast. Countries that attract long-term investment offer certainty, not just resources. This Order marks the tenth major policy directive targeting Nigeria's oil and gas sector. Each previous directive addressed a specific constraint on investment, production, or value creation. Tinubu engaged Shell CEO Wael Sawan directly. He instructed his team to build a framework beyond one company or project. The goal was to unlock a wider pipeline of investment. The framework had to protect Nigeria's long-term interests.
The Order mandates Nigerian Content requirements for projects accessing supplementary incentives. Activities must be performed in Nigeria. Exceptions are clearly defined. Tinubu wants Nigerian engineers involved. He wants fabrication yards working. Marine and technical service companies must secure contracts. Young Nigerians must acquire skills that outlast the first barrel. The President's ambition is to build Nigeria into Africa's regional hub for deep offshore project execution. He will judge success by jobs created. He will measure stronger Nigerian businesses. Greater production, increased federation revenues, and new domestic capabilities will also count. The administration will pursue the framework with urgency. Tinubu ended the statement with "Nigeria First."
