President Bola Tinubu has approved a new framework designed to make Nigeria’s deep offshore oil and gas sector more attractive to investors, with the Federal Government projecting the potential to unlock up to US$50 billion in new investment.
The reform replaces the previous project-by-project approach with a more predictable, rules-based framework intended to give investors clearer fiscal and regulatory terms before committing capital to large offshore developments.
According to the State House, the framework is expected to begin with the approximately US$10 billion Bonga South West project, a major offshore development that has remained stalled.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the reform was designed to provide a transparent framework capable of supporting the next generation of deep offshore projects.
President Tinubu described the move as part of efforts to improve Nigeria’s competitiveness for international investment capital and revive major projects that have faced delays.
The initiative comes as Nigeria seeks to attract fresh capital into the petroleum industry while increasing production and maximising the economic value of its offshore resources.
The government hopes that renewed investment will have wider implications for government revenue, employment, local industry and the country’s energy position.
