An initiative to incentivise investors in the oil and gas segment of the nation’s economy aimed at attracting $10billion investment, was yesterday unveiled by the Minister of Finance and Coordinator of the Economy, Wale Edun.
The event which culminated in the endorsement of the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a prime segment of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector’s global competitiveness aimed at stimulating economic growth, took place at the headquarters of the Federal Ministry of Finance, Abuja.
The Presidential Directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs. Olu Verheijen to ensure a competitive framework for the Nigerian oil and gas industry.
These Consolidated guidelines for the fiscal incentives are based on extensive collaboration across Finance and Petroleum Ministries, as well as several key regulatory bodies including the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Mrs. Verheijen said these new measures have been designed to deliver a competitive Internal Rate of Return (IRR) for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months.
