Tinubu approves reform to attract $50bn offshore investment

President Bola Tinubu has approved a landmark reform aimed at unlocking up to $50 billion in deep offshore investment, according to Peoples Gazette, which cited a statement by presidential spokesperson Bayo Onanuga.

The reform replaces project-by-project negotiations with a transparent, rules-based framework, beginning with the $10 billion Bonga South West project. It follows Tinubu’s talks with Shell CEO Wael Sawan and is backed by the Deep Offshore Oil and Gas Projects Incentives Order, 2026. Tinubu said the reform reflects Nigeria’s commitment to “clear rules, strong institutions and enduring partnerships” to attract long-term capital.