Tinubu approves new framework to unlock $50bn deep offshore investment
President Tinubu has approved a new framework to attract $50bn in deep offshore investment, replacing project-by-project negotiations with clear rules. Read More: https://punchng.com/tinubu-approves-new-framework-to-unlock-50bn-deep-offshore-investment/
President Bola Tinubu has signed off on a new framework aimed at unlocking up to $50 billion in deep offshore investment in Nigeria's oil and gas sector. The reform replaces the previous system of individual negotiations with companies, replacing it with a common set of eligibility criteria and rules. The shift is expected to streamline the process, making it more predictable and less prone to stalling.
Shell's Bonga South West project, valued at roughly $10 billion, is set to be among the first major projects to benefit. Speaking on the announcement, Tinubu emphasized the framework's focus on strengthening domestic industrial capabilities, aiming to create skilled jobs, deepen local supply chains, and position Nigeria as a regional hub for deep offshore project execution.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
