The Federal Government of Nigeria, through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has introduced tax incentives aimed at bolstering deep offshore oil operations and gas production.
These measures are outlined in the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.
According to Edun, this initiative seeks to position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments. L
The incentives are part of a broader set of investment-driven policies initiated by President Bola Ahmed Tinubu, aligning with Policy Directives 40-42, which focus on enhancing the country’s economic attractiveness and fostering sustainable growth in the energy sector.
It was earlier reported that the Federal Government of Nigeria has announced value-added tax (VAT) exemptions on several energy products, including diesel, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and electric vehicles.
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