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• President Bola Tinubu has approved a new framework for foreign investment in Nigeria's deep offshore oil and gas fields.
• The framework is expected to attract up to $50bn in fresh investment and revive stalled projects such as Shell's $10bn Bonga South West project.
• Qualifying companies will have access to clear eligibility criteria and rules, eliminating the need for project-specific negotiations.
• The reform emphasizes Nigerian industrial capability, maximizing execution within Nigeria wherever commercially feasible.

This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships.

President Bola Tinubu has taken a significant step towards unlocking Nigeria's deep offshore oil and gas potential by approving a new framework for foreign investment in the sector. The framework, which replaces the previous system of project-specific negotiations, is expected to attract up to $50bn in fresh investment and revive stalled projects such as Shell's $10bn Bonga South West project. This move is part of Tinubu's efforts to create an investment environment defined by clear rules, strong institutions, and enduring partnerships.

The new framework provides qualifying companies with a common set of eligibility criteria and rules, eliminating the need for each investor to negotiate separate terms with the government. This streamlined approach is expected to make deep offshore investment faster, more predictable, and less prone to stalling. The reform also places emphasis on Nigerian industrial capability, maximizing execution within Nigeria wherever commercially and technically feasible.

President Tinubu has commended the collaboration between various government agencies, investing partners, and industry stakeholders that helped shape the framework. He believes that countries with clear rules and strong institutions are more attractive to long-term investors, and that this reform will create conditions for capital to flow, Nigerian businesses to grow, and people to prosper.

Lawyers advising clients on deep offshore investments in Nigeria should watch for the new framework's eligibility criteria and rules, which may impact project negotiations and compliance with tax remission orders.

Source: Original reporting via {source}