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Nigeria: Update for oil and gas industry taxpayers

Nigeria: Update for oil and gas industry taxpayers

Eight years after enactment of the Nigerian Oil and Gas Industry Content Development Act, the landscape for Nigerian-held companies with relatively large oil and gas projects has begun to change. Leading this change is the Nigerian Content Development and Monitoring Board (NCDMB).

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Activities of the NCDMB affecting the oil and gas industry include regulatory and executive orders for:

  • Imposition of “tougher sanctions” (including forensic audits and prosecution) on companies that have defaulted in paying their Nigerian content development levy 
  • Release of funds to the Bank of Industry 
  • Proposed issuance of nine ministerial regulations for the purpose of “deepening” Nigerian content
  • Goals for increased in-country retention of the annual oil and gas industry spending from the current 26%-30% to 70% by 2027

 

Read an October 2018 report [PDF 269 KB] prepared by the KPMG member firm in Nigeria

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