Tinubu Okays Fresh Deep Offshore Framework
President Bola Tinubu has approved a landmark reform that replaces project-by-project negotiations with a transparent investment framework designed to unlock up to $50 billion in deep offshore investment and restart Nigeria’s large, capital-intensive offshore developments that have remained stalled for decades.
According to a statement issued yesterday by presidential spokesperson, Bayo Onanuga, the reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments, beginning with the approximately $10 billion Bonga South West project, while strengthening Nigeria’s competitiveness for globally mobile investment capital.
Meanwhile, on the global market, Iran has warned that the Strait of Hormuz will remain closed to shipping until the United States changes its position and accepts Tehran’s conditions for ending the war, raising fresh concerns over the global supply of crude oil and liquefied natural gas.
The new development comes as the price of oil was choppy yesterday, reaching $90 a barrel for the first time in two weeks before falling back, as the stalemate over the Iran war hardened and commercial shipping in the Strait of Hormuz dwindled.
