Nigeria tax breaks target $50B oil investment
Africa’s biggest oil and gas producer hopes to rekindle international interest in offshore projects.
Nigeria is offering tax incentives to lure up to $50 billion in oil and gas investments, aiming to reignite interest in offshore projects. As the world's largest oil and gas producer, the country is reviving deepwater hydrocarbon exploration amid global oil companies' retreat from onshore assets due to pipeline vandalism. President Bola Tinubu signed an executive order, inspired by tax rebates granted to Shell, promising "clear and predictable terms" for new investments.
The African Energy Chamber predicts African oil and gas investments could reach $41 billion this year, with Angola and Namibia also competing for funds, intensifying the investment landscape.
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