Tinubu Signs Executive Order to Unlock $50 Billion Investments
Nigeria's President Bola Tinubu has signed Executive Order 2026, aimed at attracting $50 billion in investments and boosting crude oil production by an additional one million barrels per day. The order offers deep offshore tax incentives to international oil companies (IOCs) and establishes a transparent fiscal framework for deepwater exploration.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) estimates that 24% of total oil production and 19% of national gas output come from deep offshore operations. With nine mega-projects already approved, the next step is to secure the Final Investment Decision (FID), which would authorise the release of funds.
Engineer Enorense Amadasu, Executive Commissioner for Development and Production at NUPRC, stated that without competitive fiscal terms, global capital would bypass Nigeria for more accommodating jurisdictions. He highlighted the USD 10 billion Bonga South project, slated to commence active production in 2027.