world-economy

Nigeria Extends Tax Credits to Shell on $20B Deepwater Project

Nigeria has granted Shell Plc production-linked tax credits for a deepwater oil development valued at approximately $20 billion. This incentive marks an expansion of programs designed to attract continued investment in the nation's energy sector. Africa's largest crude producer, Nigeria is deploying the tax relief mechanism to encourage other international oil companies to boost output from deepwater reserves. Officials indicated the credits would be made available to competing majors operating in Nigerian waters. The move reflects efforts by Lagos to maintain competitiveness in attracting capital for offshore projects and to reverse declining production trends.