Bonga South West Deepwater Project

The Tinubu administration approved targeted incentives in January 2026 to advance the Bonga South West deepwater project and other deep-offshore developments. The measures improve investment conditions and strengthen the prospects for jobs and foreign-exchange inflows.

They form part of the administration's wider drive to attract large-scale energy investment back to Nigeria.

Investment-linked support for offshore development

The Bonga South West incentives are designed to move the project towards a final investment decision. They are targeted measures tied directly to new capital, incremental production and Nigerian value addition.

This approach improves commercial conditions while ensuring that every incentive is linked to the investment it supports. Nigerian participation sits at the heart of the policy, with offshore engineering, fabrication, logistics and other energy services all positioned to benefit.

Advancing a major deepwater development

Bonga South West is one of the most significant deepwater opportunities in Nigeria. The incentive decision gives investors the clarity to take the project through its next stages, from final investment decision to financing, construction and production.

The benefits for Nigeria are considerable: new investment, employment for Nigerian workers and future foreign-exchange earnings. Local service companies gain opportunities to participate in a world-class project.

The January 2026 approval shows President Bola Ahmed Tinubu's determination to unlock stalled deepwater investment and to ensure that Nigerians share in the value of their offshore resources.