Nigerian President Bola Ahmed Tinubu has approved a new regulatory and fiscal framework aimed at unlocking up to $50 billion in deep-water oil and gas investment, as the government seeks to revive major offshore projects that have remained stalled for years.

The framework replaces project-by-project negotiations with a more transparent, rules based system designed to provide greater certainty for investors and improve Nigeria’s competitiveness in attracting international capital.

The reform is expected to support a new generation of deep offshore developments, beginning with the approximately $10 billion Bonga South West project.

The Nigerian government says the new framework is intended to create a more predictable investment environment while also strengthening national participation in the offshore oil industry.

President Tinubu has emphasised that the benefits of the new investment should extend beyond oil production, calling for jobs, technical expertise and business opportunities generated by offshore projects to remain in Nigeria.

Nigeria has struggled to attract major new upstream investment in recent years amid regulatory uncertainty, high project costs and competition from other oil-producing countries. The government hopes the new framework will help unlock projects that have been delayed for years and strengthen the country’s position in the global energy market.

The move represents a major push by the Tinubu administration to use Nigeria’s deep-water oil resources to attract capital, expand production and generate economic opportunities while establishing clearer rules for long-term investment.