Nigeria is offering sweeping tax incentives to attract as much as $50 billion into deep water oil and gas projects and revive capital-intensive developments that have stalled for decades. An executive order signed by President Bola Tinubu grants tax credits of as much as $11.50 per barrel for new deep water oil projects, starting with Shell Plc’s Bonga Southwest Aparo development, confirming earlier Bloomberg reporting. It also provides a credit of as much as $8 per barrel of oil equivalent for new non-associated gas projects. The incentives will remain in place until December 31, 2029, the presidency said in a statement on Tuesday. This incentive reflects Nigeria’s determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships, Tinubu said.