/ Aug 14, 2026
/ Aug 14, 2026

Nigeria’s deep offshore push targets $50bn investment

Published on

By

Nigeria is stepping up efforts to attract major investment into its deep offshore oil and gas sector, with a new framework designed to unlock up to $50 billion in capital for deepwater developments.

 

The reform, approved by President Bola Ahmed Tinubu, replaces project-by-project negotiations with a more transparent, rules-based investment framework aimed at giving investors greater certainty while protecting Nigeria’s long-term petroleum revenues.

The framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026. It will initially support the approximately $10 billion Bonga South West project, while creating a pathway for other capital-intensive offshore developments.

Reforms Target Oil Revenue Protection

The latest initiative follows a series of oil and gas reforms introduced by the Tinubu administration.

In February, the President issued an Executive Order aimed at safeguarding and increasing oil and gas revenues accruing to the Federation. The measures sought to eliminate duplicative structures, reduce revenue leakages and ensure that funds meant for the three tiers of government are protected.

The reforms also seek to reposition NNPC Limited as a strictly commercial entity while protecting the interests of the Federation, alongside a review of aspects of the Petroleum Industry Act to address fiscal and structural issues.

Nigeria Records Improved Oil Production

The investment drive comes as Nigeria records signs of improved crude oil production.

According to the report by Channels Television, Nigeria recorded its third consecutive month of meeting or exceeding its OPEC crude production quota in July.

The country produced an average of 1.505 million barrels per day of crude oil and 0.17 million barrels per day of condensate, bringing combined daily production to 1.67 million barrels.

Production was achieved despite operational challenges affecting the Erha and Akpo fields.

In June, Nigeria produced 1.56 million barrels per day of crude and 0.18 million barrels per day of condensate, with crude output reaching 104 per cent of its 1.5 million barrels per day OPEC quota.

The government expects the combination of investment incentives, revenue reforms and improved production to help revive stalled projects, attract fresh capital and expand economic activity around Nigeria’s offshore petroleum resources.

You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Nasarawa State Governor Abdullahi Sule at the signing of a $2 million supplementary lithium agreement with Chinese investors in Abuja.

Governor Sule seals $2m Lithium deal with Chinese Firm

Nasarawa State Governor Abdullahi Sule has presided over the signing of a $2 million supplementary lithium agreement between the state government and Diamond New Energy, following his recent visit to China.   The agreement was signed at the Nasarawa State Governor’s Lodge in Abuja on Friday, August 14, 2026. Sule said the deal would help keep the company’s lithium processing factory operational while protecting jobs created by the investment. > “We are going to keep your factory functional, and we also have an interest as license owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed,” the governor said. According to Channels Television, the governor said the state moved quickly to secure the relevant mining licence to ensure continued access to raw materials and prevent another party from obtaining the licence. The Commissioner for Environment and Natural Resources, Margaret Elayo, expressed appreciation to the investors and said the partnership could encourage further investment in Nasarawa. The signing was witnessed by officials from the state Ministry of Justice, Ministry of Environment and Natural Resources, the Nasarawa State Investment Development Agency (NASIDA), Diamond New Energy and Ganfeng Lithium Industry Limited. Sule also urged the company to maintain peaceful relations with host communities and contribute to their development. He disclosed that payments due to the state under the agreement would be made in foreign currency directly to Nasarawa Mining Company Limited, with the terms subject to periodic review. Agreement builds on 2024 mining deal NASIDA Managing Director and Chief Executive Officer Ibrahim Abdullahi said the state government had signed an exclusive mining cooperation agreement with the company in 2024. He said the partnership had contributed to the completion of what he described as the largest lithium processing refinery in West Africa. The supplementary agreement allows the continued supply of lithium materials from the state government’s mining block to serve as feedstock for the refinery. Abdullahi said the arrangement was expected to create further employment opportunities for young people and women in Nasarawa. He added that the state would receive $2 million immediately upon signing, with additional revenues expected under the agreement. A representative of Diamond New Energy, David Siong, said the company remained committed to expanding its operations in Nasarawa, including local processing of resources, job creation and supporting economic development in host communities. The Attorney-General and Commissioner for Justice, Isaac Danladi, also presented copies of a deed of assignment transferring the mining rights and interests of Nasarawa Mining Company within 3.5 mining cadastral units in Endo, Nasarawa Local Government Area, to Ganfeng Lithium Industry Limited.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.