ABUJA — President Bola Ahmed Tinubu has approved a new Deep Offshore Investment Framework designed to unlock up to US$50 billion in new investment and strengthen Nigeria’s position as a major destination for long-term oil and gas capital.
The development was disclosed in a statement issued by the Presidency on Tuesday, August 11, 2026, which highlighted the framework’s focus on investment certainty, Nigerian industrial participation and the expansion of domestic capacity in the deep offshore sector.
A defining feature of the reform is its emphasis on ensuring that qualifying deep offshore projects maximise execution within Nigeria where commercially and technically feasible, according to the President’s Special Adviser on Energy, Olu Verheijen.
Verheijen said the framework is intended to strengthen domestic engineering, fabrication, marine logistics, technical services and project management while creating skilled employment and deepening local supply chains.
“The objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution,” Verheijen said.
The Presidency said President Tinubu commended the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum Resources, Nigeria Revenue Service, NNPC Limited, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Content Development and Monitoring Board for their contributions to the framework.
The President also acknowledged the role of investing partners and other industry stakeholders whose technical expertise and collaboration helped shape the new investment framework.
Tinubu said the reform was aimed at creating greater certainty for investors and strengthening the institutional environment required to attract long-term capital into Nigeria’s oil and gas industry.
“The countries that attract long-term investment are not necessarily those with the greatest natural resources. They are the ones that provide the greatest certainty,” the President said.
He said the government was working to establish an investment environment based on clear rules, strong institutions and enduring partnerships.
According to Tinubu, the framework is intended to create conditions that allow capital to flow into the country, support the expansion of Nigerian businesses and ensure that the country’s natural resources generate lasting national value.
The approval comes as Nigeria seeks to attract fresh investment into its upstream petroleum sector, increase crude oil production and maximise the economic benefits of its deep offshore resources.
Beyond attracting capital, the framework places emphasis on retaining more project-related economic activity within Nigeria by encouraging domestic participation in engineering, fabrication, logistics and specialised oilfield services.
The Presidency said the initiative is expected to support the development of local supply chains and strengthen Nigeria’s capacity to execute complex deep offshore projects.
The framework also positions Nigeria to pursue a greater role in the regional deep offshore oil and gas services market by developing the technical and industrial capabilities required for large-scale offshore projects.
The Federal Government said the reform reflects its broader effort to establish a more predictable investment environment capable of attracting long-term capital while increasing production, creating jobs and strengthening domestic industrial capacity.
