Nigeria Looks To Jumpstart Natural Gas Sector with Tax Cuts

Nigeria is moving forward with a new policy framework aimed at jumpstarting its natural gas sector, hoping to draw in up to $10 billion in investments. The proposed measures include a series of tax incentives to attract both local and international investors to explore the country's deep-water gas resources.

The framework, which has already been approved by the Federal Executive Council, now awaits approval from the National Assembly. Once passed into law, this policy is expected to fast-track the development of Nigeria's natural gas infrastructure. Not only will this accelerate gas exploration and production, but it will also help the country transition away from relying heavily on fossil fuels for transportation. By doing so, Nigeria aims to boost its energy security and reduce its dependence on imported fuels.

The Nigerian government's strategic push toward natural gas is part of a broader effort to secure long-term energy independence and stabilize the economy. By providing tax breaks and other incentives, the government is positioning the gas sector as a key growth area that can create jobs, attract foreign investment, and reduce the nation's carbon footprint.

With the global shift toward cleaner energy, Nigeria's focus on natural gas development is timely. The success of this policy could significantly alter the nation's energy landscape and place it at the forefront of Africa's growing gas industry. Investors and industry professionals are now watching closely to see how quickly the new laws are implemented and how effectively they drive real change.

Earlier this week, Nigeria was set to approve the proposed $1.3-billion sale of ExxonMobil's shallow water assets to local firm Seplat. The transaction has been stuck at the regulatory approval level for months. While seeing its shallow water assets in Nigeria, it is looking to boost its deepwater investments in the country.

By Julianne Geiger, OilPrice

Borno state hit by cholera amid flood devastation

A cholera outbreak has hit Nigeria's northeastern Borno state, already reeling from floods that displaced nearly 2 million people, an official said on Friday.

Cholera outbreaks are not uncommon in Borno, the epicentre of a 15-year-old Islamist insurgency that has displaced thousands into camps and strained sanitation facilities and potable water sources.

Borno Health Commissioner Baba Mallam Gana told reporters that 17 cases have been recorded following tests, but no deaths so far.

"However, we are recording an increasing number of Acute Watery Diarrhea (AWD)/suspected Cholera which is not unconnected with the flood devastation," Gana said.

Almost 500 cases of AWD have been recorded, Gana said, with five local government areas mostly affected.

Flooding in Borno began when a dam overflowed following heavy rains, displacing millions from their homes and damaging health facilities and other infrastructures.

Gana said that to combat the latest outbreak, the state got 300,000 oral cholera vaccine (OCV) doses from the federal health ministry, which have been distributed across displacement camps and flood-hit communities.

The state is waiting for an additional 600,000 doses of the vaccine to ensure adequate coverage, he said.

By Ahmed Kingimi, Reuters

Video - Nigerians skeptical as president pledges investor-friendly policies

Nigerian President Bola Tinubu says the policies he's trying to implement, such as reducing taxes on businesses, will make it easy for investors to come into the country. He has called on citizens to be patient.

CGTN

At least 60 dead in Nigeria boat accident

Nigeria (Reuters) -At least 60 people were killed after a boat carrying mostly women and children returning from a religious festival in Nigeria's northern Niger state capsized this week, a local official said.

About 160 people have now been rescued after the wooden boat ferrying nearly 300 passengers sank on Tuesday night on the River Niger around the Gbajibo Community, said Jibril Abdullahi Muregi, chairman of the Mokwa local government area.

The boat was returning to Gbajibo from Mundi after the annual Maulud celebration when disaster struck, Muregi said in a statement late on Wednesday

Rescue operations are still ongoing, he said.

It was not yet clear why the boat sank.

Overcrowding and poor maintenance are responsible for most boat accidents on Nigerian waterways.

By Ahmed Kingimi, Reuters

Related story: At least 20 feared dead in Nigeria boat accident

 

Video - Nigeria launches cash grant program to support a million small-scale businesses

The program targets businesses with annual revenues below 3,000 U.S. dollars, offering each around 30 dollars. According to Nigeria’s Association of Small and Medium Enterprises, nearly 10 percent of the country’s 40 million micro, small, and medium-sized enterprises have closed since May last year due to various challenges.

CGTN