It’s premium flex time for investors and other players in Nigeria’s Oil and Gas, as various fiscal plans and incentivizing policies to be implemented in the industry have been unveiled. These will be set in motion when the Petroleum Industry Act, (PIA) 2021, fully takes off. Chief Timipre Sylva, Minister of State for Petroleum, has stated that one of such plans is a ten-year tax holiday for qualified investors.
The Minister, who spoke at the Nigerian International Economic Partnership Forum at the United Nations General Assembly (UNGA) in New York, stated that investors and other industry players would be enjoying fiscal certainty as well as a well-defined regulatory framework and incentives for investment, the ten-year tax holiday being one of such incentives. These enjoyments would guarantee “better take for both the government and [these] investors, thereby balancing rewards with risk”, according to Sylva.