Key Takeaways:
- Nigeria targets four million barrels of oil per day and 10 billion cubic feet of gas by 2030.
- Reforms aim to reduce operational costs, create jobs, and enhance foreign exchange earnings.
- New incentives include VAT waivers for gas, diesel, electric vehicles, and clean cooking equipment.
The Federal Government has set ambitious targets of producing four million barrels of oil per day and 10 billion cubic feet (bcf) of gas by 2030. This was disclosed by Olu Verheijen, Special Adviser to the President on Energy, in a statement made public on Friday. The government plans to achieve these targets through significant reforms and incentives rolled out under President Bola Tinubu’s administration.
According to Verheijen, the reforms aim to reduce operational costs, increase job creation, and enhance foreign exchange earnings. Among the incentives are VAT waivers for gas, diesel, electric vehicles, and clean cooking equipment, along with tax credits for deepwater oil and gas investments. These reforms are expected to attract up to $10 billion in new investments, revitalising the sector.
The government’s efforts are part of a broader strategy to improve Nigeria’s energy security and competitiveness in the global oil and gas market.
Credit: NAN (Text Excluding Headline)
