President Bola Tinubu’s government says it is targeting four million barrels per day of oil production and 10 billion cubic feet of gas production by 2030.
Olu Verheijen, the president’s aide on energy, announced this in a statement on Friday.
Ms Verheijen said the feat would be achieved through a commitment to reform agenda unprecedented incentives for oil and gas production unveiled by Mr Tinubu’s administration.
“Since President Tinubu assumed office in May 2023, the government has embarked on a series of new reforms to improve the competitiveness of its oil and gas industry.
“The reforms also aimed at bringing down the costs and timeliness of doing business in a sector that continues to be the biggest earner of foreign exchange for the country.
“These reforms, which include three presidential directives issued in February 2024, will create tens of thousands of new jobs, improve foreign exchange earnings, stimulate tax revenues and contribute to Nigeria’s macroeconomic stability,” she said.
Ms Verheijen disclosed that her office was coordinating the roll-out of the reforms.
She said in a major move to advance the ongoing structural reforms in the oil and gas industry, Mr Tinubu approved the issuance of two new sets of fiscal incentives.
According to her, the incentives included a VAT waiver covering gas, diesel, electric vehicles and clean cooking equipment, and tax credits for new investments in the exploration and production of deepwater oil and gas.
She said the new fiscal incentives, expected to take effect immediately, are contained in the documents issued by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to her, the documents included Value Added Tax (VAT) Modification Order 2024, Notice of Tax Incentives for Deep Offshore Oil & Gas Production in line with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.
The aide said the Notice of Tax Incentives was built on the directive issued by the president in February, which provided incentives for onshore oil and gas investments.
Ms Verheijen said the reforms agenda would help the country unlock $10 billion of new investments in deep water oil and gas projects in the near to medium term.
NAN