President Bola Tinubu has approved a new framework aimed at attracting up to $50bn in deep offshore investments and reviving major oil projects that have been stalled for years.

The new policy replaces project-by-project negotiations with a clear set of rules aimed at giving investors greater certainty and making Nigeria more attractive to international oil investors.

According to a statement issued on Tuesday by the President’s media aide, Bayo Onanuga, the framework will support new deep offshore projects, starting with the approximately $10bn Bonga South West project.

The statement said the move followed Tinubu’s meeting with Shell Plc Chief Executive Officer, Wael Sawan, during which the President directed officials to develop measures to unlock Nigeria’s deep offshore investment pipeline.

The framework, implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, sets out clear conditions and processes for projects that qualify for the incentives.

It also allows NNPC Limited, the government’s nominated counterparty under the Production Sharing Contracts, to make the necessary amendments to eligible contracts.

The President’s Special Adviser on Oil and Gas, Olu Verheijen, said the policy would also encourage more work to be carried out in Nigeria where it is commercially and technically possible.

According to her, this would support local engineering, fabrication, marine logistics, technical services and project management.

Verheijen said the reform was expected to boost investment and oil production, create skilled jobs, strengthen local businesses and help position Nigeria as a major deep offshore project hub in Africa.

President Tinubu commended the relevant government agencies, investors and other industry stakeholders for their contributions to the development of the framework.