ABUJA, Nigeria – President Bola Ahmed Tinubu has approved a landmark deep offshore investment framework designed to replace individual project negotiations with a standardized rulebook aimed at unlocking up to $50 billion (N68.1 trillion) in new capital investments. The regulatory overhaul replaces project-by-project negotiations with clear eligibility guidelines and tax remissions under the Deep Offshore Oil and Gas Projects Incentives Order, 2026. Special Adviser to the President on Oil and Gas Olu Arowolo-Verheijen stated that qualifying projects will mandate maximum local execution to expand domestic engineering, fabrication, and marine logistics capability. She noted the objective is to generate skilled employment, strengthen local supply chains, and position Nigeria as Africa’s hub for offshore project execution. Presidential spokesperson Bayo Onanuga confirmed that the framework was developed following inter-agency collaboration involving the Federal Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigeria Revenue Service to enhance long-term investment certainty across the energy sector.