Làísì Abésùpínlẹ̀

Nigeria just took another major step toward unlocking its deep offshore potential. President Bola Ahmed Tinubu has this week approved the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 - an investment-enabling framework designed to unlock up to US$50 billion in new investment by replacing years of project-by-project negotiation with clear, transparent, rules-based eligibility criteria. This is the 10th Policy Directive targeted at Nigeria’s oil and gas sector by President Tinubu, demonstrating his commitment to the comprehensive reform of an industry that has historically been the lifeblood of the Nigerian economy. The first beneficiary of this new Order will be the US$10 billion Bonga South West project, building directly on the Federal Government’s extensive engagement with @Shell a meeting between the President and Wael Sawan, Chief Executive Officer of Shell Plc received a lot of media attention when it took place at the start of 2026. But this is not just about a single project. We are now deploying a robust and sustainable investment architecture applicable across multiple categories of qualifying deep offshore developments – with @nnpclimited now positioned and empowered to implement the necessary PSC amendments to support the implementation of the Order. A highlight I’m very proud of is the local content dimension. Projects qualifying under this framework will maximise execution within Nigeria wherever feasible – strengthening domestic engineering, fabrication, marine logistics and project management capability. This isn't only about unlocking barrels and billions of dollars. It's also about skilled jobs, deeper supply chains, and positioning Nigeria as Africa's hub for offshore project execution. As I always say, certainty attracts capital. This reform is yet another credible signal of Nigeria’s commitment to deepening and entrenching certainty.