The two incentives were announced in a statement on Wednesday by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance.
According to a statement released by the Finance Ministry and signed by Mohammed Manga, Director of Information and Public Relations, the incentives are meant to revitalize Nigeria’s oil and gas industry.
Additionally, it declared that value-added tax payments would no longer be necessary to import essential energy products and infrastructure, such as clean cooking appliances, diesel, feed gas, compressed natural gas, liquefied petroleum gas, electric vehicles, and liquefied natural gas infrastructure.
Manga stated that the project would strengthen energy security, hasten Nigeria’s switch to greener energy sources, and establish Nigeria’s deep offshore basin as a top location for international oil and gas investors.
President Bola Tinubu announced that ministerial permission for the new ExxonMobil and Seplat divestment plans would be granted in the next few days, coinciding with the arrival of this policy order.
The statement said, “The Federal Government has introduced groundbreaking concessions aimed at revitalising the industry, in line with its avowed determination to ensure a boost in the nation’s upstream and downstream sector.”
