The Federal Government has announced the provision of new tax reliefs for deep offshore oil and gas production to boost investments in the sector.
It also announced that the importation of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment would no longer require value-added tax payment.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this in a statement on Wednesday.
The statement signed by the Director of Information and Public Relations, Mohammed Manga, said the initiative would position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.
