President Bola Tinubu has approved a landmark reform that replaces project-by-project negotiations with a transparent investment framework designed to unlock up to $50 billion in deep offshore investment and restart Nigeria’s large, capital-intensive offshore developments that have remained stalled for decades.

According to a statement issued yesterday by presidential spokesperson, Bayo Onanuga, the reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments, beginning with the approximately $10 billion Bonga South West project, while strengthening Nigeria’s competitiveness for globally mobile investment capital.

The decision, the statement said, builds on 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, it said.

Blaze 91.5 FM