President Bola Ahmed Tinubu has approved a landmark reform that replaces project-by-project negotiations with a transparent investment framework designed to unlock up to US$50 billion in deep offshore investment and restart Nigeria’s large, capital-intensive offshore developments that have remained stalled for decades.
Bayo Onanuga, Special Adviser to the President, Information & Strategy, disclosed this in a statement on Wednesday.
According to Onanuga, the objective is to strengthen Nigeria’s competitiveness for globally mobile investment capital, beginning with the US$10 billion Bonga South West project.
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Checks revealed that President Tinubu, at a meeting with Chief Executive Officer of Shell plc, Mr Wael Sawan, last January, approved the gazetting of targeted, investment- linked incentives to support the Bonga South West deep offshore projects by Shell and its partners.
Onanuga, who recalled the last session between Tinubu and the management of the International Oil Company, revealed that “the decision builds on President Tinubu’s engagement with the Chief Executive Officer of Shell plc, Mr Wael Sawan, during which the President directed the development of the next wave of measures required to unlock Nigeria’s deep offshore investment pipeline. Rather than pursuing project-specific solutions, the Federal Government transformed that directive into a comprehensive investment framework applicable across multiple categories of qualifying developments.”
The statement noted that the new legal framework, the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, “replaces project-by-project negotiations with transparent eligibility criteria, clear implementation processes and a durable investment…
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