The Presidency says Nigeria’s new tax laws have unlocked over $6bn in oil and gas investments by codifying key fiscal incentives.
President Bola Tinubu’s signing of four major tax reform bills has already helped unlock over $6 billion in new oil and gas investments, according to Special Adviser on Energy, Olu Verheijen.
Verheijen made the disclosure Thursday via her official X handle, calling the moment “historic” and a sign of long-term policy clarity under the Tinubu administration.
She said the new tax laws codify four executive orders, including Presidential Directive 40, which provides incentives for upstream, midstream gas, and deep offshore oil projects.
Other codified instruments include the 2024 VAT Modification Order, granting exemptions for clean energy products, and the 2025 Upstream Petroleum Cost Efficiency Order, aimed at lowering operating costs.
“These reforms have already helped unlock over $6 billion in new Oil & Gas investments,” Verheijen stated.
She emphasized that enshrining the incentives into law gives investors certainty and protects reforms from future reversals, describing it as “a bold step toward sustainable growth and shared prosperity for all Nigerians.”