The Federal Government has announced new tax reliefs for deep offshore oil and gas production to encourage investments. Additionally, it declared that the importation of key energy products and infrastructure will no longer require value-added tax payment.
These products include diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, made this announcement in a statement which as signed by the the Director of Information and Public Relations, Mohammed Manga, on Wednesday,
These initiatives aim to position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments, strengthen energy security, and speed up Nigeria’s transition to cleaner energy sources.
The policy directive coincides with new divestment plans from ExxonMobil and Seplat, which President Bola Tinubu stated would receive ministerial approval in the coming days.
The Federal Government has introduced groundbreaking concessions to revitalize the industry, including major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector.
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