The Nigerian government is aiming to attract $5 to $10 billion in near-term investments for deep-water offshore operations through the recently introduced tax incentives in the oil and gas sector.
The tax relief package which includes massive tax exemptions for diesel, Compressed Natural Gas (CNG) as well as cooking gas also includes fiscal incentives to support investments in deep offshore oil and gas.
The Minister of Finance, Wale Edun, rolled out these measures on Tuesday, including the first fiscal framework for deep-water gas basin exploration since 1991.
“Over the next few years, they plan to spend another $90 billion to develop deepwater oil and gas projects.
The orders from the Ministry are titled; Value Added Tax (VAT) Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.)..
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