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The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.
The Nigerian government has announced a series of tax incentives for deep offshore projects, in a bid to attract foreign investment and boost the country’s oil and gas sector.
The incentives, which are part of the country’s revised fiscal regime, aim to make Nigeria a more competitive destination for energy investments. Wale Edun, minister of finance and coordinating minister of the economy said the fiscal incentives were aimed at revitalizing Nigeria’s oil and gas sector, according to Mohammed Manga, his director, of information and public relations in a statement, this evening.
The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.
The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment. In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.
Edun expressed optimism that the initiative would reposition Nigeria’s deep offshore basin as a premier destination for global oil and gas investments. He said the reforms were part of a broader series of investment-driven policy initiatives of President Bola Tinubu, in line with Policy Directives 40-42.
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In recent times, the cost of cooking gas and other energy products has increased significantly due to currency weakness and other inflationary pressures.
