Nigeria proposes new tax incentives to attract gas investors

Nigeria's new policy framework aims to accelerate the development of its offshore gas sector, where 67% remains untapped, by offering tax credits for new investments.

It also introduces a gas-production allowance for greenfield developments starting in January 2029.

Special Adviser Olu Verheijen stated the policy could unlock $5-10 billion in new investments and enhance energy security by displacing fossil fuels for transportation.

This initiative targets global deep-water oil and gas projects, estimated at $90 billion.

While reforms have attracted over $30 billion in foreign investment, they have also triggered a cost-of-living crisis and protests.