Tinubu approves new oil investment rules to boost offshore funding
President Bola Tinubu has approved a new framework for foreign investment in Nigeria’s deep offshore oil and gas sector. The new system replaces the previous approach, where companies negotiated separate deals with the government, and is expected to attract up to $50 billion in new investment. The framework aims to revive stalled projects, including Shell’s $10 billion Bonga South West project, and strengthen Nigeria’s industrial capabilities. Presidential advisers highlighted the reform’s focus on clear rules and boosting local job creation.
What we know
- Bola Tinubu approved a new investment framework for Nigeria’s deep offshore oil and gas fields.
- The framework replaces individual negotiations with standardized eligibility criteria and rules.
- It is expected to unlock up to $50 billion in fresh investment and revive major offshore projects.
- The reform emphasizes maximizing project execution within Nigeria to boost local industries and jobs.
- Key government ministries, agencies, and industry stakeholders contributed to shaping the new framework.
