The Democratic Front (TDF) has thrown its weight behind President Bola Tinubu’s approval of a new investment framework for Nigeria’s deep offshore oil fields, calling it a decisive step toward unlocking the country’s full oil potential.
In a statement signed by its Chairman, Danjuma Muhammad, and Secretary, Wale Adedayo, the group welcomed the development, saying it was set to attract an estimated $50bn in fresh investment to the sector.
TDF said the move reflected President Tinubu’s commitment to building on the momentum of his ongoing oil sector reforms, noting that the deep offshore fields, despite holding greater production potential than marginal fields, had remained largly untapped due to their inability to draw investors under previous administrations.
The group credited the President’s handling of the oil sector with triggering a wave of investment activity shifting from marginal fields toward deep offshore operations. It pointed to Shell Petroleum Plc’s Final Investment Decision (FID) on the $5 billion Bonga North deepwater project in December 2024 as an early sign of this shift, along with an anticipated FID on the $10 billion Bonga South West project.
According to TDF, the newly signed Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026 repalces the slower, case-by-case negotiation process that previously governed offshore investment with clearer eligibility criteria, more transparent implemetation procedures, and a long-term investment framework designned to give investors greater certainty.
The group described the initiative as a deliberaate effort to stimulate serious interest in Nigeria’s capital-intensive offshore fields, arguing that it would sharpen the country’s competitiveness in the global oil investment landscape and help grow national revenue.
TDF further commended Tinubu for applying what it called his extensive professional experience to governance, crediting him with drawing in major multinational oil investors while introducing strong transparecy and accountabiltiy standards to a sector it described as previously sluggish.
The group said it remains confident that under Tinubu’s leadership, Nigeria will continue to strengthen its position as Africa’s leading destination for oil and gas investment.
