Tinubu Signs Deep Offshore Tax Incentive Order to Attract $50bn Investment

President Bola Ahmed Tinubu has signed a new fiscal framework designed to unlock up to $50 billion in investment in Nigeria’s deep offshore oil and gas sector.

The President approved the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, as part of efforts to revive major offshore projects that have remained stalled because of investment and regulatory challenges.

The new order introduces a clearer and more predictable investment framework, replacing project-by-project negotiations with defined eligibility requirements and implementation procedures.

According to the Presidency, the policy is intended to provide greater certainty for investors while protecting Nigeria’s long-term economic interests. It is also expected to support the development of major deepwater projects and strengthen crude oil and gas production.

Tinubu targets $50bn deepwater investment

The Federal Government expects the new deep offshore tax incentives to attract as much as $50 billion in fresh investment, potentially reviving large-scale projects that require significant capital and advanced offshore technology.

One of the projects expected to benefit from the renewed investment environment is the proposed Bonga South West development, which has an estimated investment requirement of about $10 billion.

The framework is also aimed at positioning Nigeria as a leading destination for deep offshore oil and gas investment in Africa.

New incentives to boost Nigeria’s oil sector

Under the new policy, eligible offshore developments can access supplementary incentives subject to specific conditions, including requirements relating to Nigerian content and domestic project execution.

The Presidency said qualifying projects will be encouraged to maximise activities carried out within Nigeria where commercially and technically feasible.

This could increase opportunities for Nigerian engineering companies, fabrication yards, marine logistics operators, technical service providers and other businesses connected to the oil and gas value chain.

Government seeks higher oil production and jobs

The Tinubu administration said the policy is not solely focused on attracting foreign capital but also on increasing domestic economic activity generated by major offshore developments.

The government expects renewed investment to support oil production growth, job creation, local supply chains and industrial development.

The latest deepwater investment framework represents another major oil and gas policy measure by the Tinubu administration as Nigeria seeks to attract long-term capital and strengthen its position in the global energy market.

With the new 2026 Deep Offshore Tax Remission Order, the Federal Government hopes to restart delayed offshore oil projects, increase investment in Nigeria’s energy sector and unlock billions of dollars in potential economic activity.

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Africa Fashion Week London 2026 is delighted to welcome back Princess Adesile as our Official Ambassador.

A modern Yoruba royal from Nigeria and an accomplished equestrian, Princess Adesile embodies a new generation of African cultural ambassadors who honour tradition and embrace innovation, creativity and contemporary leadership.

While her royal heritage is deeply rooted in Yoruba culture, her influence extends far beyond it. Princess Adesile has become widely recognised for her passion for equestrianism and her striking appearances at the renowned Ojude Oba Festival, where she has helped bring the centuries-old tradition of ceremonial horseback riding to the attention of a new global audience and inspired a greater visibility for female riders.

Her attendance at AFWL2025 last year demonstrated her in the middle of a powerful intersection of fashion, heritage and African culture. From wearing traditional Yoruba-inspired regalia to contemporary fashion, she portrayed the idea that African fashion is more than just clothing; it is history, identity and storytelling brought to life. Now returning to our catwalk, in regalia or the latest designer collections, she’ll portray the idea that African fashion is more than just clothing; it is history, identity and storytelling brought to life.

Princess Adesile always carries herself with confidence and an unwavering pride in her heritage, making her a fitting ambassador for a platform that celebrates the diversity and future of African traditions.

Come and meet her at AFWL2026. Unfortunately, she won’t be bringing her horses!

“Some titles are earned, but this one feels like home.

Being the Cultural Ambassador for African Fashion Week London is more than an honour; it’s a privilege to be part of a family that celebrates our stories, our heritage, and the beauty of African fashion with so much love. Thank you, AFWL, for believing in me.

Here’s to continuing this beautiful journey together!”

Princess Adesile

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The pupils and teachers abducted from three schools in Oyo State have been freed.

The release followed months of operations involving security forces from the Office of the National Security Adviser (ONSA), the State Security Service (SSS), the Nigerian Army and other security agencies.

Sources familiar with the matter said that the abductees were freed on Friday evening and that several terrorists were killed in the process.

This newspaper reported that a total of 46 people—consisting of 39 students and seven teachers—were kidnapped when terrorists simultaneously raided Baptist Nursery and Primary School (Yawota), Community High School (Ahoro-Esinele), and L.A. Primary School (Ahoro-Esinele) in the Oriire Local Government Area of Oyo State.

The Defence Headquarters later identified the abductors as dislodged members of Boko Haram. The Minister of Defence, Christopher Musa, on Thursday stated that the terrorists kidnapped the oyo pupils to force the government to release some terror commanders.

Details of the operation that led to their release remain sketchy for now. ALPHANEWS NG will keep following up on the matter and provide further updates. Details later…

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