Nigeria Eyes $50 Billion Oil Investment Boost with New Executive Order
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the newly signed Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 aims to attract up to $50 billion in investments.
The commission's Chief Executive, Mrs Oritsemeyiwa Eyesan, stated that the executive order would establish a transparent, rules-based investment framework capable of driving Nigeria's deep offshore oil and gas development forward.
Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, with deep offshore operations accounting for 24% of total oil production and 19% of gas production.
The executive commissioner, Engineer Enorense Amadasu, noted that the new policy framework would create greater opportunities for investment and production growth in the sector, citing nine projects worth billions of dollars that have received the commission's approval.