The Federal Government has introduced groundbreaking concessions aimed at revitalizing the nation’s upstream and downstream industry.
This is just as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun unveiled two major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector:
They are the Value Added Tax (VAT) Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil and Gas Production, in accordance with the Oil and Gas Companies Tax Incentives, Exemption, Remission Order 2024.
According to Edun, these measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources and position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.
The Minister added that the reforms are part of a broader series of investment-driven policy initiatives championed by President Bola Tinubu, in line with Policy Directives 40 to 42, which reflects the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.
Edun affirmed Nigeria is firmly on track, with these bold initiatives, to reclaim its position as a leader in the global oil and gas market.
