Nigeria Targets $50 Billion Offshore Oil Investment Under New Framework

ABUJA, Nigeria — Nigeria is stepping up efforts to attract major investment into its offshore oil and gas industry after President Bola Tinubu approved a new deepwater investment framework.

The government says the measures could help unlock up to $50 billion in offshore investment, creating new opportunities for international oil companies, contractors and domestic businesses.

The initiative is aimed at improving the competitiveness of Nigeria's deepwater sector and encouraging companies to move forward with major projects. Greater investment could increase future oil production while generating additional government revenue and supporting jobs across the energy value chain.

Nigeria has been seeking to reverse years of underinvestment in its oil industry by improving regulatory certainty and making large projects more commercially attractive.

The new framework could become an important test of Nigeria's ability to convert its offshore petroleum reserves into fresh capital, production and wider economic growth.