President Bola Tinubu has explained why his administration has continued to introduce policy directives and incentives aimed at unlocking stalled investments in Nigeria’s oil and gas sector, saying the country can no longer afford to leave major energy opportunities undeveloped.

Tinubu said this in a post, explaining his decision to sign the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which is expected to provide a framework capable of unlocking up to $50bn in deep offshore investment.

The latest order, announced by the presidency as part of efforts to attract fresh capital into the upstream sector, is expected to begin with the approximately $10bn Bonga South West project.

Tinubu said the latest intervention was part of a broader effort by his administration to remove the constraints that had held back investment, production and value creation in the oil and gas industry.

“For too long, some of our biggest offshore opportunities have remained stalled. We cannot afford to leave that opportunity beneath our waters for another decade. Capital moves, countries compete for it, and investors committing billions of dollars over many years need certainty,” he said.

According to the president, investors committing billions of dollars to projects with long development periods require predictable terms before taking final investment decisions.

He said the new framework would provide that certainty by giving existing deep offshore leases until 31 December 2029, to reach a final investment decision and qualify for the full standard incentive.

“We are providing that certainty, with a clear window for existing deep offshore leases to reach final investment decision by 31 December 2029 and qualify for the full standard incentive,” Tinubu said.

The President described the order as the 10th major policy directive of his administration specifically targeted at the oil and gas sector.

“This is the 10th major policy directive of my administration targeted specifically at the oil and gas sector. We have been deliberate about removing the constraints holding back investment, production and value creation,” he said.

The emphasis on removing investment constraints comes as Nigeria seeks to increase crude oil production and attract new capital into an upstream sector that has faced years of underinvestment and delays in major projects.

For Tinubu, however, the value of the latest intervention goes beyond the headline $50bn investment figure.

The president said the government wants the economic activities generated by the projects to take place in Nigeria, with domestic companies, engineers and workers benefiting from the expected investment.

“I want the work to come home to Nigeria. I want our engineers involved, our fabrication yards working, Nigerian marine and technical service companies securing contracts, and our young people acquiring world-class skills,” he said.

Under the order, projects accessing supplementary incentives will be required to perform project activities in Nigeria, subject to clearly defined exceptions and Nigerian content requirements.

“For projects accessing the supplementary incentives, the order requires project activities to be performed in Nigeria, subject to clearly defined exceptions and Nigerian content requirements,” Tinubu stated.

The requirement is designed to ensure that the expected investment does not simply translate into capital inflows and increased oil production but also expands domestic capacity and business opportunities in engineering, fabrication, marine services and other areas of the oil and gas value chain.

Tinubu said this was part of his administration’s ambition to position Nigeria as a major centre for offshore project execution on the continent.

“Our ambition is to make Nigeria Africa’s regional hub for deep offshore project execution,” he added.

The president said the ultimate test of the policy would be its impact on Nigerians, listing employment, stronger local businesses, increased production and higher government revenue among the expected outcomes.

“For me, the real measure of $50bn will be what Nigerians see from it: good jobs, stronger Nigerian businesses, greater production, more revenue for the Federation and capabilities built here at home,” he stressed.

The Nigerian leader added that the administration’s broader objective was to ensure that Nigeria’s natural resources generated greater economic value for its citizens.

“Our natural resources must work harder for our people,” he submitted.