President Bola Tinubu has approved a new investment framework designed to unlock up to $50 billion in deep offshore oil and gas investments and revive major projects that have remained stalled for decades. The statement said the decision followed Mr Tinubu’s engagement with Wael Sawan, the chief executive officer of Shell, during which the president directed the development of measures to unlock the next wave of investments in Nigeria’s deep offshore sector. Add as a preferred source on GoogleRather than pursuing individual solutions for specific projects, the government subsequently developed a broader investment framework applicable to multiple categories of qualifying deep offshore developments. The framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, according to the statement. Nigeria has sought to revive investment in its deep offshore oil and gas sector amid concerns over the high cost and complexity of offshore developments and the competitiveness of its fiscal regime.