Abuja, Oct. 6, 2026 – Nigeria’s new tax laws will unlock up to $50 billion in new deep offshore investments for the country.
President Bola Tinubu said this at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja on Tuesday.
The president who was represented by Vic e President Shettiona, said the Deep Offshore Oil and Gas Projects Incentive Tax Order 2026 had replaced uncertainty in the sector with clear and published investment criteria.
“The order replaces that uncertainty with clear, published criteria and requires projects to be executed in Nigeria wherever applicable.
“It is designed to unlock up to 50 billion dollars in new investment, beginning with the Bonga South-West project.
“The message to the world is simple: Nigeria is open for long-term investment and the terms are clear,” Tinubu said.
He said the measure was particularly important because some of Nigeria’s largest oil prospects were located in the deep offshore but had remained undeveloped for years.
The president. said the incentive were expected to unlock as much as 50 billion dollars in new investment, beginning with the Bonga South-West project.
Tinubu said the development reinforced the Federal Government’s message that Nigeria was open to long-term investment and committed to providing clear and predictable terms.
He said the PIA had provided a strong foundation for investment by establishing clear rules, a predictable regulatory framework and mechanisms for greater participation of host communities.
The President said Nigeria had also recorded progress in restoring security in oil-producing areas, attracting investors and improving upstream investment opportunities through open and competitive processes.
He said investors who previously looked elsewhere were returning to Nigeria, which had become Africa’s leading destination for upstream investment for two consecutive years.