New Tax Incentives to Revitalize Nigeria’s Oil and Gas Sector
The Federal Government is taking bold steps to revamp the nation’s oil and gas sector by introducing new fiscal incentives to attract investments and boost growth. The Minister of Finance, Mr. Wale Edun, announced a series of tax exemptions aimed at revitalizing the industry and reducing the cost of living for Nigerians.
The new measures include exemptions on key energy products such as Diesel, LPG, and LNG infrastructure, as well as tax reliefs for deep offshore oil and gas projects. These incentives are part of President Bola Tinubu’s policy directives to stimulate investment in the sector and enhance Nigeria’s global competitiveness.
Mr. Edun expressed confidence that these initiatives would attract massive investments, drive economic prosperity, and position Nigeria as a leader in the global oil and gas market. The government’s commitment to fostering sustainable growth and energy security is evident in these reforms, which are expected to accelerate the nation’s transition to cleaner energy sources.