The Democratic Front (TDF) has endorsed President Bola Ahmed Tinubu’s approval of a new investment framework for Nigeria’s deep offshore oil and gas sector, describing the initiative as a bold step towards unlocking the country’s vast petroleum potentials and attracting fresh investments.
TDF said the framework could unlock an estimated $50 billion in new investments in the nation’s oil sector and strengthen Nigeria’s position as a leading destination for upstream investments in Africa.
In a statement signed by its Chairman, Danjuma Muhammad, and Secretary, Wale Adedayo, the group said the Presidential initiative would provide greater certainty and transparency for investors while accelerating the development of Nigeria’s capital-intensive deep offshore oil fields.
According to TDF, deep offshore fields hold significant potential for increasing Nigeria’s crude oil production but had remained largely underdeveloped because of difficulties in attracting investors under previous administrations.
The group noted that the Tinubu administration’s interventions and management of the oil sector had already triggered renewed investment interest, including moves by major international oil companies towards deep offshore operations.
TDF cited Shell Petroleum Development Company’s Final Investment Decision (FID) on the $5 billion Bonga North deepwater project in December 2024 as one of the major milestones in the administration’s drive to attract private capital into the sector.
It also noted the anticipated Final Investment Decision on the proposed $10 billion Bonga South West project, describing both developments as evidence of growing investor confidence in Nigeria’s deepwater oil industry.
The group said the newly approved Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 would replace the previous slow, project-by-project negotiation approach with clearer eligibility criteria, transparent implementation processes and a more durable investment framework.
“Rather than the previous slow project-by-project negotiation framework, the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 provides for more transparent eligibility criteria, clear implementation processes and a durable investment architecture for investors on a long-term basis,” TDF said.
The organisation expressed confidence that the initiative would galvanise concrete investment interest in Nigeria’s deep offshore fields, enhance the country’s competitiveness in the global oil market and expand government revenue.
TDF also commended President Tinubu for what it described as the application of his professional experience to governance, saying this had helped attract multinational oil investors while promoting global best practices, transparency and accountability in the petroleum sector.
The group maintained that Nigeria, under President Tinubu’s leadership, was on course to consolidate its position as Africa’s most viable investment hub in the oil and gas industry.
