Nigerian president signing electoral legislation to enhance voting processes and electoral transparency in Nigeria.
Nigerian President Bola Tinubu has approved sweeping tax incentives to attract up to $50 billion in deepwater oil and gas investment. The move seeks to revive projects that have been stalled for decades. These incentives, introduced through a recent executive order, provide tax credits of up to $11.50 per barrel for new deepwater developments, beginning with Shell’s Bonga Southwest Aparo project, and up to $8 per barrel for non-associated gas projects. They will be available through December 2029. The measures are part of Tinubu’s broader effort to revive an oil industry weakened by theft, pipeline vandalism, aging infrastructure, and regulatory uncertainty. Additionally, the order introduces a “profit oil reset” that could give eligible projects a more favorable 70:30 profit split between contractors and the government. Analysts, however, say the policy’s success will depend on generating genuinely new investment and production.