The Democratic Front (TDF) has hailed President Bola Tinubu’s approval of a new investment framework for Nigeria’s deep offshore oil fields, describing it as a game changer capable of unlocking up to $50 billion in fresh investment and strengthening the country’s position as Africa’s leading upstream investment destination.
In a statement signed by its Chairman, Danjuma Muhammad, and Secretary, Wale Adedayo, the group said the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 would replace the previous project-by-project negotiation model with clearer eligibility requirements, transparent implementation procedures and a more predictable investment framework.
TDF said Nigeria’s deep offshore fields had remained largely underdeveloped despite their significant production potential, mainly because of the difficulty in attracting the long-term capital required for offshore projects.
It added that recent government reforms had begun to revive investor confidence and redirect capital towards deepwater operations.
The group cited Shell Petroleum Development Company’s $5 billion Final Investment Decision for the Bonga North deepwater project in December 2024 as a major milestone, while noting that a further $10 billion investment in the Bonga Southwest project is expected.
According to TDF, the new framework could accelerate the development of Nigeria’s capital-intensive offshore assets, expand national oil revenues and enhance the country’s competitiveness in the global energy market.
“Rather than the previous slow project-by-project negotiation framework, the new order provides more transparent eligibility criteria, clear implementation processes and a durable investment architecture for investors on a long-term basis,” the group said.
TDF commended the President for applying his professional experience to governance, for promoting transparency, accountability and global best practices in the oil sector. It expressed confidence that Nigeria would, under the President, remain Africa’s most viable hub for oil and gas investment.
