The Federal Government has perfected plans to attract $10 billion in new investments in deep-water gas exploration through tax breaks and other incentives.

In the new policy framework forwarded to the National Assembly to be passed into law, the Federal Executive Council (FEC) said about 67% of Nigeria’s offshore gas sector remains undeveloped.

However, the FEC believes that by providing tax credits for new investments in the sector, more global players can be lured to the untapped sector.

In a statement published by Olu Verheijen, special adviser to the president, the government also plans a gas-production allowance for greenfield developments in onshore and shallow-water locations.

“We intend to unlock between $5 billion to $10 billion of new investments in Nigeria in the near- to medium-term,” Verheijen said.

According to Verheijen, who also heads the Energy Office of the Presidency, once this is passed into, it would fast-track the development of natural gas, deepen gas usage for transportation and bolster energy security.

It was estimated that global businesses will be spending about $90 billion on deep-water oil and gas projects in coming years, this, Verheijen said is what the country is targeting.

“This is the pool of funds that our reforms are targeting,” she said.

The president has implemented a series of reforms to rejig the nation’s economy and set Nigeria on the right path. In a recent broadcast, the president claimed these reforms have attracted over $30 billion in foreign direct investment.

Despite the changes made to core policies, Nigerians are yet to see its results as earnings remained low and inflation rate remained at an all-time high while economic uncertainties in the face of chronic Naira depreciation have eroded the profitability of businesses.

The African Export-Import Bank (Afreximbank) has announced plans to invest a sum of $200 million in the Nigerian creative industry.

The latest development was made known in New York during the “Destination 2030: Nigeria Everywhere” event held at the United Nations General Assembly (UNGA).

Speaking at the event which was organized by Nigeria’s Ministry of Arts, Culture, and the Creative Economy, the President and Chairman of Afreximbank, Professor Benedict Oramah, said that the funding was in line with the bank’s commitment to boost the nation’s creative industry.

He revealed that the latest move, aimed at building a foundation for sustainable economic growth will position the nation as a global leader in the global creative industry.

He said, “investing in the creative industries is about building a foundation for sustainable economic growth and positioning Africa as a global cultural leader.” 

 Speaking further, the Minister of Arts, Culture, and the Creative Economy, Hannatu Musawa, called for the support of investors, development partners, and global partners in the creation of 2 million jobs.

She described the event as a roadmap to transforming Nigeria into a global cultural powerhouse.

She stated, “Destination 2030: Nigeria Everywhere is our roadmap to transforming Nigeria into a global cultural powerhouse. To fully realize this vision, I urge investors, development partners, and global collaborators to join us in creating 2 million jobs and contributing $100 billion to the national GDP.” 

Investors King learned that after the main event of UNGA, Musawa engaged in talks with other investors to boost Nigeria’s cultural and creative industry.

She engaged in discussions with the UN Deputy Secretary-General Amina Mohammed, the Executive Director of the UN Office for Partnerships, U.S. State Department Under Secretary for Public Diplomacy, Lee Satterfield, and Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning.

Following outrage on the recurring delays in the completion of the Port Harcourt Refinery rehabilitation project, the contractor overseeing the facility rehabilitation has said it would soon release an update on when the project will be completed.

The contractor, Maire Tecnimont SpA, announced that it will provide details on the project’s completion by or before October 2.

Responding to a letter from human rights lawyer Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation, the contractor, through the law firm Olajide Oyewole LLP, acknowledged Falana’s request and promised to give details next week.

The law firm stated that its client, Tecnimont, had received his letters dated September 17 and 24, 2024 regarding the contract with the Nigerian National Petroleum Company (NNPC) Limited and is considering the inquiries.

According to the law firm, “Our client is considering your letters and they intend to get back to you on or before 2 October 2024.”

The $1.5 billion engineering, procurement, and construction (EPC) contract for the rehabilitation of the Port Harcourt refinery was signed between the Nigerian National Petroleum Corporation (NNPC) – before becoming a public company – and Tecnimont on April 6, 2021.

Timipre Sylva, the former minister of state for petroleum, had initially stated that the rehabilitation would occur in three phases, lasting 18, 24, and 44 months, respectively.

However, despite NNPC’s announcement on December 21, 2023, that the mechanical phase of the refinery’s turnaround maintenance was completed, and the facility was ready, there have been ongoing delays.

On March 15, Mele Kyari, NNPC’s group chief executive officer (GCEO), said that production would begin by the end of that month, but this target was missed.

Kyari later set a new deadline for early August, yet the refinery still did not commence production.

On 5 September, Adedapo Segun, NNPC’s executive vice-president of downstream operations, said that despite the mechanical completion in December 2023, further safety checks were necessary to ensure the refinery’s safe operation.

Segun emphasised that NNPC would not rush into production simply to meet a deadline if there were unresolved safety concerns.