Tinubu Approves Tax Incentives to Unlock $50bn Deep Offshore Investment

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Tinubu Approves Tax Incentives to Unlock $50bn Deep Offshore Investment

ABUJA — President Bola Tinubu has approved a Deep Offshore Oil and Gas Projects Incentives Order that replaces project-by-project negotiations with clear eligibility rules for tax relief. The Presidency said the framework could unlock about $50 billion of investment, with Shell's roughly $10 billion Bonga Southwest project as the first beneficiary. NNPC will be able to amend eligible production sharing contracts. Tinubu said countries that attract investment are those that offer the greatest certainty.

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