TINUBU IDENTIFIES CREATIVE SECTOR AS KEY TO ECONOMIC DIVERSIFICATION. (PHOTO).

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  President Bola Tinubu has identified the creative economy as a pivotal element of his administration’s economic diversification agenda, reaffirming his commitment to positioning Nigeria’s creative sector as a driving force for global influence. The President stated this at the launch of the 2024 Abuja International Carnival at Eagle Square, Abuja. President Tinubu, represented by Vice-President Kashim Shettima, said the carnival reaffirms the essence of who Nigerians are—”a people of culture, a people of art, a people of colour, and a people of shared values”. In a statement signed by the Senior Special Assistant to The President on Media & Communications, Office of The Vice President, Stanley Nkwocha, under the theme, “Carnival of Renewed Hope: A Pledge to My Country”, the event showcased performances from across Nigeria and beyond, demonstrating the administration’s commitment to cultural diplomacy. The Federal Ministry of Art, Culture, and the Creative Economy, working alongsi
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NIGERIA LAUNCHES NEW FISCAL INCENTIVES TO REVITALISE OIL & GAS SECTOR, AIMING TO ATTRACT $10 BILLION INVESTMENT. (PHOTO). #PRESS RELEASE.

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 NEWS RELEASE


Abuja, April 23, 2024


Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment

… as FG endorses consolidated guidelines


Today, in a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, Wale Edun, OFR, Minister of Finance and Coordinating Minister of the Economy, presided over a signing ceremony at the Federal Ministry of Finance headquarters in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector - a cornerstone of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector's global competitiveness whilst stimulating economic growth.


As disclosed during the signing, 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 & gas industry. These Consolidated guidelines for the fiscal incentives are based on extensive collaboration across Finance and Petroleum Ministries and involved 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).


According to Mrs. Verheijen, 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. They also underscore Nigeria's commitment to reaching its long term oil production target of 4 million barrels per day whilst enhancing the reliability of gas supply for to boost export earnings and fuel Nigeria’s industrialization.


Mrs. Verheijen disclosed that among the guidelines signed were the NUPRC Guideline on Hydrocarbon Liquids Content in a Non-Associated Gas (NAG) Field, essential for accurately categorising and quantifying the hydrocarbon liquid content in these fields. Additional guidelines focused on the applicability of tax credits and allowances for Non-Associated Gas Greenfield Development and the Midstream Capital and Gas Utilization Allowance, providing taxpayers with clarity on the computation of these benefits.


HM Edun, in his remarks, thanked President Bola Ahmed Tinubu for signing the directive in February 2024 to engender growth in the Nigerian oil and gas sector, which had stagnated for over the last decade. He also emphasised the potential of the guidelines, saying, “The idea is to create an atmosphere conducive to international competitiveness such that investment comes in. And in this case, we know it's foreign direct investment”.


The signing ceremony was attended by various stakeholders, including NNPC Limited, Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG), further highlighting Nigeria's unified approach toward reinvigorating its oil and gas sector.


Photo: L-R: Mr Gwueke Ajifa, Executive Director Oil Producers Trade Section, Mrs Amina Ado Coorinating Director Large TaxPayers Group Federal Inland Revenue Service, Mrs Olu Verheijen Special Adviser to the President on Energy, Mr Wale Edun Honourable Minister of Finance/Coordinating Minister of the Economy, Mr Farouk Ahmed, Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr Gbenga Komolafe, Chief Commission Executive and Tajudeen Shobayo, Programme Coordinator, Office of the Special Adviser to the President on Energy. 

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