President Bola Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives Order, 2026, to unlock approximately $50 billion in dormant deepwater investments. The framework replaces years of project-by-project negotiations with a fixed, transparent tax credit and profit-sharing regime. Qualifying projects, such as the Bonga South West field, can receive tax credits of up to $11.50 per barrel, provided a Final Investment Decision is reached by 2029. To qualify, operators must maximize local content in project execution. This shift aims to improve Nigeria’s competitiveness against regional rivals by providing the fiscal certainty investors require.