President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, in a move aimed at attracting up to $50 billion in fresh investments into Nigeria’s oil and gas sector.
Tinubu disclosed this in a statement shared on his official X account, saying the new framework would provide investors with clearer and more predictable terms for deep offshore projects.
According to the President, the investment drive will begin with the approximately $10 billion Bonga South West project, one of the major deep offshore developments expected to boost Nigeria’s oil production.
Tinubu said the new order was designed to unlock a new generation of investments in the sector by giving investors greater certainty over the fiscal terms governing deep offshore projects.
He also disclosed that existing deep offshore leases would have until December 31, 2029, to reach Final Investment Decision (FID) and qualify for the full standard incentive provided under the new framework.
The President described the order as part of his administration’s broader efforts to reform the petroleum sector, attract capital and increase oil and gas production.
The latest directive marks the 10th major policy initiative of the Tinubu administration specifically focused on reforms in the oil and gas sector.
The development comes as the Federal Government continues to introduce measures aimed at improving investment, production and revenue generation in Nigeria’s petroleum industry.
In March, the government also commenced the implementation of Executive Order 9, which provides for the remittance of oil revenue to the Federation Account Allocation Committee (FAAC).