Tinubu signs deep offshore oil incentives to attract $50m investment

President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026, according to NNPCL Group CEO Bayo Ojulari through spokesperson Andy Odey. The order grants fiscal certainty for deep offshore oil and gas projects, aiming to send a strong signal to global investors that Nigeria offers a stable and competitive investment environment.

Ojulari said the measure aligns with NNPCL’s mandate to protect the nation’s production base and supports the target of lifting crude output to three million barrels per day by 2030. The presidential order—his administration’s ninth—is expected to unlock about $50 million in new deep offshore investment potential.

With the incentive now in effect, investors can evaluate deep offshore blocks under clearer tax terms. The order remits certain taxes and royalties for qualifying deep offshore developments, reducing the fiscal burden on operators. Will this fiscal clarity spur deeper offshore commitments from investors, or will they await further reforms before committing capital?

SOURCE: https://dailypost.ng/2026/08/14/why-tinubu-signed-deep-offshore-incentives-order-nnpcl-boss-ojulari/