President Bola Ahmed Tinubu has approved a tax-remission order aimed at attracting a new wave of deep offshore oil and gas investment to Nigeria. He said the measure could generate as much as $50 billion in sector investment, with the estimated $10 billion Bonga South West development expected to lead the rollout.
Quick facts
- Order signed: Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026
- Potential investment unlocked: up to $50 billion
- Initial flagship project: approximately $10 billion Bonga South West
- Deadline for existing leases to reach final investment decision: 31 December 2029
- Policy significance: the 10th major oil and gas directive under Tinubu’s administration
Tinubu announced the approval in a statement posted on his official X account on Thursday. He said effective execution of the order would establish transparent and predictable conditions for future deep offshore projects.
The framework provides existing deep offshore leaseholders with a window to reach Final Investment Decision by 31 December 2029. Projects meeting that deadline will qualify for the full standard incentive provided under the order.
The presidential measure is the 10th major policy directive of Tinubu’s administration focused specifically on Nigeria’s oil and gas industry. It is intended to support capital formation in a sector that remains central to the country’s export earnings and public finances.
In March, the Federal Government also began putting Executive Order 9 into effect. That directive concerns the remittance of oil revenues to the Federation Account Allocation Committee.
