"Nigeria Proposes New Tax Incentives to Attract Gas Investors"

" Nigeria Proposes New Tax Incentives to Attract Gas Investors \r\n Nigeria hopes to attract as much as $10 billion of new investments in deep-water gas exploration through tax breaks and other measures proposed in a new policy framework for the industry, according to a government official. \r\n The Federal Executive Council has approved the framework, which will now move to the National Assembly to be passed into law, President Bola Tinubu said earlier this week. \r\n The new policy framework seeks to speed up developments in Nigeria\u2019s offshore gas sector, where an estimated 67% of the resource remains undeveloped, by providing tax credits for new investments, Tinubu\u2019s special adviser Olu Verheijen said in a statement Thursday. \r\n Africa\u2019s top crude producer also plans a gas-production allowance for greenfield developments in onshore and shallow-water locations that start producing by Jan. 1, 2029, according to documents seen by Bloomberg. \r\n \u201cWe intend to unlock between $5 billion to $10 billion of new investments in Nigeria in the near- to medium-term,\u201d Verheijen said. \r\n Once passed into law, the policy is expected to fast-track the development of natural gas, displace fossil fuels for transportation and bolster the country\u2019s energy security, said Verheijen, who also heads the Energy Office of the Presidency, \r\n Global companies will spend an estimated $90 billion on deep-water oil and gas projects in the coming years, she said. \u201cThis is the pool of funds that our reforms are targeting,\u201d she said. \r\n Since assuming office in May 2023, Tinubu has implemented a series of reforms that he said have attracted more than $30 billion in foreign direct investment. While the policy overhaul has been welcomed by foreign investors, it\u2019s spawned a cost-of-living crisis in Africa\u2019s most-populous nation that triggered deadly protests. "

"Nigeria Proposes New Tax Incentives to Attract Gas Investors"

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