President Bola Tinubu has approved a new investment framework aimed at unlocking up to $50bn in deep offshore investment and reviving major oil and gas projects that have stalled for years. The framework, given effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, will replace project-by-project negotiations with transparent eligibility criteria and implementation processes for qualifying developments. According to Onanuga, the directive was subsequently developed into a framework covering multiple categories of qualifying projects rather than individual project-specific arrangements. “Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible, strengthening domestic engineering, fabrication, marine logistics, technical services and project management. The objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution.”