Nigeria is rolling out tax incentives to attract as much as $50 billion in oil and gas investment as it seeks to rekindle international interest in offshore projects.
Africa’s largest oil and gas producer is pushing to revive hydrocarbon exploration in deepwater reserves at a time when global oil companies have retreated from their onshore Nigerian assets due to pipeline vandalism. The newly signed executive order, which is based on a framework of tax rebates approved for Shell as it plans to pour at least $10 billion into offshore projects, offers “clear and predictable terms” for new investments, President Bola Tinubu said.
The African Energy Chamber, a South Africa-based advocacy group, estimates that African oil and gas investments could reach $41 billion this year alone. Several countries, including Angola and Namibia, are also vying to secure funds, creating a competitive environment for investment.