The Federal Government has approved a tax credit of $11.5 per barrel for Shell as part of efforts to encourage fresh investments in Nigeria’s oil and gas sector.
The incentive is expected to unlock about $20 billion in new investments, with the aim of boosting oil production, expanding energy infrastructure and strengthening the country’s petroleum industry.
The move forms part of the government’s broader strategy to attract investors, increase crude oil output and create a more competitive business environment in the energy sector.
